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May 26, 2023- Nearest support line of $78.44 is only 61 cents away
- Energy Select Sector SPDR Fund explored above its 10 day Simple Moving Average around $79, a potential early indicator of a new bullish phase to come
A tough session dominated by bearish sentiment left XLE $1.46 lower, while setting a $78.34 to $79.52 session range.
The fund has been trending lower for about a month. Energy Select Sector SPDR Fund has fallen back around 14.42% from the significant high of $94.08 set 6 months ago.
Energy Select Sector SPDR Fund could begin to recover as it approaches significant support, now 61 cents away from $78.44. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Energy Select Sector SPDR Fund peaked above its 10 day Simple Moving Average around $79 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems Energy Select Sector SPDR Fund might start pointing upward in the short term.
Fundamental indicators – United States Pending Home Sales improved upon its previous reading of -5.2% with a new data release of 0%.
In the meantime, negative performances are also seen in other markets, AT&T is down to $15.15, losing 80 cents, after ending the previous session around $15.95.
Other assets are showing positive performances as NVIDIA shoots up 24.37% yesterday and closed at $305.38. TSM is trading around $100.95 after ending yesterday's session at $90.13 (up 12% today).
Upcoming fundamentals: today at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.3%.
