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May 08, 2023- Energy Select Sector SPDR Fund is eyeing $79.73 as its nearest support level
- Price action is currently stuck around the active Fibonacci support level of $80.92
Energy Select Sector SPDR Fund recovered back to $80.23 after dipping down to $80.22, in a session that followed Friday's $80.23 close value.
Energy Select Sector SPDR Fund has shed 9.19% over the past three months.
Energy Select Sector SPDR Fund made an initial break below its 5 day Simple Moving Average at $80.4, a possible indication of a forthcoming negative trend. Energy Select Sector SPDR Fund is currently flirting with an active Fibonacci support level around $80.92. Despite this, Energy Select Sector SPDR Fund is approaching key support, around 50 cents away from $79.73. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Energy Select Sector SPDR Fund's upper Bollinger Band® is at $89.76 and the lower is $78.48.
According to technical indicators, Energy Select Sector SPDR Fund is positioned for a downward move in the short term.
While Energy Select Sector SPDR Fund was pretty flat today, mixed performances were seen elsewhere as Novo Nordisk added 3.19% and closed around $163.24 today. Walt Disney jumps 2.44% today and closed at $100.52. AMD is trading around $95.04 after ending today's session at $89.84 (up 5.79% today).
Upcoming fundamentals: United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
