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March 02, 2023
- Ongoing downtrend set to be challenged at $13.32 as top of an established support zone
- ProShares UltraShort MSCI Brazil Capped's upper Bollinger Band® is at $20.66 which indicates a further downward move may follow.
$14.06 marks the crossover point where Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares price action falls below its 50 day Simple Moving Average. Bearish sentiment was sufficient to push prices below the known Fib level of $14.05 serving as intraday support. Despite this, Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares's lower Bollinger Band® is now at $12.62. $13.32 is only 36 cents away for Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares and might put a stop to its current downtrend.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares.
Analysis of ProShares UltraShort MSCI Brazil Capped's recent price action suggests ProShares UltraShort MSCI Brazil Capped is eyeing the $20.05 support line. Concerning technical analysis and more specifically, trend indicators, ProShares UltraShort MSCI Brazil Capped's CCI indicator is above +100. ProShares UltraShort MSCI Brazil Capped is hovering around the $20.49 Fibonacci support level. According to asset volatility analysis, ProShares UltraShort MSCI Brazil Capped's upper Bollinger Band® at $20.66, suggesting a further decline is forthcoming.
For the time being, ProShares UltraShort MSCI Brazil Capped remains flat without a clear direction.
SPDR S&P Biotech ETF's recent run now faces a major challenge as concentrated supply is likely found at $83.76 with price action currently 66 cents away. Despite posting gains on yesterday, SPDR S&P Biotech ETF slid below its 5 day Simple Moving Average at $82.71 during the last session — an early indicator that a negative trend could be emerging.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest SPDR S&P Biotech ETF is set for a reversal in the coming days.
Fundamental indicators – data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million.
Upcoming fundamentals: as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 195,000, following on from the preceding figure of 192,000. New data is set to be published today at 13:30 UTC.
