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June 12, 2023- Price action honing in on likely support at $80.91
- Energy Select Sector SPDR Fund's upper Bollinger Band® is at $82.41 which indicates a further downward move may follow.
Though in the midst of an 8 day uptrend, gaining a total of 6.19%, ($5.19), The prevailing bullish trend is beginning to fade following Friday's downbeat session. Energy Select Sector SPDR Fund slid down from $81.78 to $81.33, taking a 45 cents loss (0.55%)
Having soared to a high of $94.08 approximately 6 months ago, Energy Select Sector SPDR Fund is now trading 13.07% lower.
Despite being in the red so far in the current trading session, Energy Select Sector SPDR Fund peaked above its 50 day Simple Moving Average around $82 — typically an early indicator of a new bullish trend beginning to emerge. Energy Select Sector SPDR Fund could begin to recover as it approaches significant support, now 42 cents away from $80.91. Dipping below could be an indication that further losses are ahead. In contrast, Energy Select Sector SPDR Fund's upper Bollinger Band® is at $82.41 which indicates a further downward move may follow.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Energy Select Sector SPDR Fund is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, after ending Friday's session at $124.91, ProLogis lost $3.6 and is trading around $121.31.
Other assets are showing positive performances as Adobe is trading around $454 after ending Friday's session at $439.03 (up 3.41% today). Tesla added 4.06% and closed around $234.86 Friday.
Upcoming fundamentals: United States Consumer Price Index is expected tomorrow at 12:30 UTC.
