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April 10, 2023- Next support is currently 54 cents away at $84.44
- Price action is currently stuck around the active Fibonacci support level of $84.86
Energy Select Sector SPDR Fund slid down from $86.29 to $85, taking a $1.29 loss (1.52%)
Energy Select Sector SPDR Fund hit a significant low of $67.49 around 8 months ago, but has since recovered 27.86%.
Energy Select Sector SPDR Fund could begin to recover as it approaches significant support, now 54 cents away from $84.44. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Energy Select Sector SPDR Fund peaked above its 3 day Simple Moving Average around $85.96 — typically an early indicator of a new bullish trend beginning to emerge. In contrast, having stamped out a session range of $84.81 to $86.25, Fibonacci-inclined Energy Select Sector SPDR Fund traders were highly concentrated around active Fibonacci support at $84.86.
Despite suffering losses in today's session, technical analysis is indicating that Energy Select Sector SPDR Fund will undergo a significant bounce in the immediate term.
Positive performances can be seen by looking at other markets as Alphabet soars 3.76% Thursday and closed at $104.95. Alibaba is trading around $102.74 after ending Thursday's session at $98.55 (up 4.25% today). Microsoft went up by 2.55% Thursday, and closed at $291.6.
Upcoming fundamentals: United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 16:00 UTC.
