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June 23, 2023
- Next support is currently 83 cents away at $76.53
- Lower Bollinger Band® at around $76.44
Energy Select Sector SPDR Fund's bearish run has lasted 11 days so far (-$4.21). Today's session continued down the same path: Energy Select Sector SPDR Fund dipped as low as $76.72 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($77.08) with Energy Select Sector SPDR Fund closing the day at $77.36.
Energy Select Sector SPDR Fund has fallen back around 17.18% over the past 7 months, from a notable high of $94.08.
Technical chart analysis shows Energy Select Sector SPDR Fund could begin to recover as it approaches significant support, now 83 cents away from $76.53. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $76.44, a low enough level to, generally, suggest that Energy Select Sector SPDR Fund is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates Energy Select Sector SPDR Fund will remain range-bound for the immediate future.
Fundamental indicators – United States Services PMI released today at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9.
In the meantime, negative performances are also seen in other markets, Toyota is down to $153.38, losing $3.73, after ending the previous session around $157.11. Accenture plc Class A (Ireland) falls 2.87% today and closed at $307.25. Astrazeneca PLC is down to $72.12, losing $1.83, after ending the previous session around $73.95.
