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June 18, 2023
- Energy Select Sector SPDR Fund is eyeing $80.49 as its nearest support level
- Price action is currently stuck around the active Fibonacci support level of $80.79
With around 8 days of flat trade under its belt, Pointing in a similar direction, Friday's session was more of the same — without a clear direction, Energy Select Sector SPDR Fund closed at $80.86 while ranging between $80.62 and $81.51.
Energy Select Sector SPDR Fund has fallen back around 13.92% over the past 7 months, from a notable high of $94.08.
Energy Select Sector SPDR Fund made an initial break below its 10 day Simple Moving Average at $80.71, a possible indication of a forthcoming negative trend. Energy Select Sector SPDR Fund formed a session range of $80.62 to $81.51 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $80.79. Energy Select Sector SPDR Fund's upper Bollinger Band® is at $82.71, suggesting that a downward move may follow. Despite this, Energy Select Sector SPDR Fund is approaching key support, around 37 cents away from $80.49. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Energy Select Sector SPDR Fund is positioned for a downward move in the near term.
While Energy Select Sector SPDR Fund was pretty flat Friday, mixed performances were seen elsewhere as Toyota lost 2.28% Friday and closed at $168.18. Bristol-Myers Squibb Company added 2.3% and closed around $64.67 Friday. After ending Friday's session at $92.94, Walt Disney lost $1.62 and is trading around $91.32.
