Energy Select Sector SPDR Fund builds bearish momentum towards key support at $81.56

• Next support is currently $1.04 away at $81.56
• Lower Bollinger Band® at around $81.29

Having fallen $3.6 in 5 days, Friday's session continued the recent downtrend: bearish sentiment ensured Energy Select Sector SPDR Fund finished Friday's session lower. However, despite the downward bias, Energy Select Sector SPDR Fund etched out a distinct $82.16 to $84.88 session range.

The fund has been trending lower for about 28 days. Having soared to a high of $94.08 approximately 3 months ago, Energy Select Sector SPDR Fund is now trading 11.03% lower.

Energy Select Sector SPDR Fund made an initial break below its 200 day Simple Moving Average at $82.86, a possible indication of a forthcoming negative trend. On the other hand, note that Energy Select Sector SPDR Fund could begin to recover as it approaches significant support, now $1.04 away from $81.56. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $81.29, a low enough level to, generally, suggest that Energy Select Sector SPDR Fund is trading below its fair value.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Energy Select Sector SPDR Fund.

In the meantime, negative performances are also seen in other markets, after ending Friday's session at $66.47, The Charles Schwab lost $7.77 and is trading around $58.7. Caterpillar is down to $227, losing $13.96, after ending the previous session around $240.96. Deere & Company is down to $395.93, losing $25.49, after ending the previous session around $421.42.