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April 21, 2023- Despite dipping below $84.78 as support, market bulls are still in control
- Price action fails to breach Fibonacci support at $84.86 and bounces 0.788 cents upon testing
While on a 5 day downtrend, dropping a total of 2.71%, Similar trend today: Energy Select Sector SPDR Fund is grinding lower from $85.48 to $84.87, shedding 61 cents (0.71%) today.
The fund has been trending positively for about a month. Energy Select Sector SPDR Fund is up 26.66% from the significant low of $67.49 it hit 9 months ago.
Visual analysis of Energy Select Sector SPDR Fund's chart shows that Energy Select Sector SPDR Fund bounced after reaching the $84.78 support zone, climbing 9 cents above it. Energy Select Sector SPDR Fund bounced 0.788 cents away from Fibonacci support at $84.86.
Fundamental indicators – United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5.
Positive performances can be seen by looking at other markets as Procter & Gamble explodes 3.97% to trade around $156.84. Novo Nordisk is up 4.17%. Having closed the previous session at $126.86, SAP is up 5.14% today to currently trade at around $133.38.
