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June 02, 2023
- Strong bullish sentiment set to meet bearish fightback around key resistance at $64.07, currently 31 cents away
- Upper Bollinger Band® currently at $63.65
Around $63.11, iShares MSCI South Korea ETF can look to establish a new bullish phase beyond its 3 day Simple Moving Average. In contrast, iShares MSCI South Korea ETF's upper Bollinger Band® is now at $64.4. IShares MSCI South Korea ETF's run now faces a challenge at $64.07, which is only 31 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Overall, looking at the technical analysis landscape, it seems iShares MSCI South Korea ETF likely to continue pointing upward in the short term.
Trend-focused traders would be interested to note that Communication Services Select Sector SPDR Fund's CCI indicator is above +100. Momentum evaluation shows that the Relative Strength Index indicates Communication Services Select Sector SPDR Fund is in an overbought condition. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $63.65, thereby suggesting that Communication Services Select Sector SPDR Fund is becoming overvalued. Technical chart analysis shows Communication Services Select Sector SPDR Fund's recent run now faces a major challenge as concentrated supply is likely found at $63.42 with price action currently 34 cents away.
For the time being, Communication Services Select Sector SPDR Fund remains flat without a clear direction.
$24.54 marks the crossover point where ProShares Short Russell2000 price action falls below its 50 day Simple Moving Average. Bearish sentiment was sufficient to push prices below the known Fib level of $24.67 serving as intraday support. ProShares Short Russell2000 has formed a "Bearish Engulfing” pattern. ProShares Short Russell2000's upper Bollinger Band® is at $25.03 which indicates a further downward move may follow. Despite this, ProShares Short Russell2000 could begin to recover as it approaches significant support, now 19 cents away from $24.39. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting ProShares Short Russell2000 to extend its recent losses.
Fundamental indicators – United States Crude Oil Inventories improved upon its previous reading of -12.46 million with a new data release of 4.49 million.
Upcoming fundamentals: today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000.
