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June 16, 2023
- SPDR S&P Metals & Mining ETF's recent run now faces a challenge at $50.44
- Upper Bollinger Band® currently at $94.65
Chart analysis suggests SPDR S&P Metals and Mining ETF's recent run now faces a major challenge as concentrated supply is likely found at $50.44 with price action currently 44 cents away. Trend-following investors would be interested to note that SPDR S&P Metals & Mining ETF's CCI indicator is above +100. Price action overcame a known Fibonacci resistance level at $49.54 by around 46.036 cents with prices hammering out a $48.91 – $50.12 session range. Asset volatility analysis shows that SPDR S&P Metals & Mining ETF's upper Bollinger Band® is now at $50.82.
For the time being, SPDR S&P Metals & Mining ETF remains flat without a clear direction.
Despite posting gains on yesterday, iShares MSCI USA Value Factor ETF slid below its 3 day Simple Moving Average at $93.06 during the last session — an early indicator that a negative trend could be emerging. IShares MSCI USA Value Factor ETF's upper Bollinger Band® is at $94.65. IShares MSCI USA Value Factor ETF's run now faces a challenge at $94.62, which is only 52 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Technical analysis suggests there could be an imminent reversal for iShares MSCI USA Value Factor ETF.
Trend and momentum analysis indicates that VanEck Vectors ETF Trust – VanEck Vectors Social Sentiment ETF's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates VanEck Vectors ETF Trust – VanEck Vectors Social Sentiment ETF is in an overbought condition. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $16.68, thereby suggesting that VanEck Vectors ETF Trust – VanEck Vectors Social Sentiment ETF is becoming overvalued. Technical chart analysis shows VanEck Vectors ETF Trust – VanEck Vectors Social Sentiment ETF's recent run now faces a major challenge as concentrated supply is likely found at $16.68 with price action currently 16 cents away.
Overall, while VanEck Vectors ETF Trust – VanEck Vectors Social Sentiment ETF has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%.
