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March 05, 2023
- Real Estate Select Sector SPDR Fund's recent run now faces a challenge at $38.96
- Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares's upper Bollinger Band® is at $15.48 which indicates a further downward move may follow.
Around $38.58, The Real Estate Select Sector SPDR Fund can look to establish a new bullish phase beyond its 10 day Simple Moving Average. Real Estate Select Sector SPDR Fund is alternating around the $38.65 Fibonacci resistance level. On the other hand, note that Real Estate Select Sector SPDR Fund's run now faces a challenge at $38.96, which is only 21 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 Real Estate Select Sector SPDR Fund might continue pointing upwards in the short term.
$38.44 marks the crossover point where ProShares UltraPro Short QQQ price action falls below its 10 day Simple Moving Average. In contrast, a convincing break of this target could pave the way for deeper losses.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting ProShares UltraPro Short QQQ to extend its recent losses.
Technical analysis trend indicators suggest that Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares's CCI indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Analysis based on the asset volatility indicates that Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares's lower Bollinger Band® is at $12.24, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Chart analysis suggests a persuasive break of this target could lead to higher losses.
For the time being, Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares remains flat without a clear direction.
