Energy Select Sector SPDR Fund now only 99 cents from key resistance at $88.3

• Price action is gradually approaching a key resistance hurdle at $88.3
• Market price breaks $1.74 above key Fib handle of $85.57

4 days and $2.4 of gains were not enough. Friday's session pointed in the same direction — Energy Select Sector SPDR Fund closed Friday at $87.31 (with a daily low of $85) after ending Thursday at $86.09 and gaining 1.42%.

Energy Select Sector SPDR Fund is now trading 27.56% above the significant low ($67.49) it slumped to 7 months ago.

Energy Select Sector SPDR Fund made an initial breakout above its 50 day Simple Moving Average at $87.39, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $85.57 by around $1.74 with prices hammering out a $85 – $87.69 session range. On the other hand, note that Energy Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $88.3. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems Energy Select Sector SPDR Fund might continue pointing upwards in the short term.

Other markets are also showing gains as Meta Platforms explodes 6.14% Friday and closed at $174.53. Stryker added 3.6% and closed around $262.09 Friday. Notably, Apple rose 3.51% Friday and closed at $145.91.

Upcoming fundamentals: United States Fed Chair Powell testimony scheduled to come out tomorrow at 15:00 UTC.