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April 04, 2023- Price action backs away from resistance at $87.19 despite bullish mood
- Upper Bollinger Band® currently at $86.81
Energy Select Sector SPDR Fund is on an 8 day bullish run gaining $5.24 (11.61%). It was more of the same for Energy Select Sector SPDR Fund yesterday — after finishing Friday at $82.83, Energy Select Sector SPDR Fund went up to $87.14 before paring its losses and closing at $86.6.
Having soared to a high of $94.08 approximately 4 months ago, Energy Select Sector SPDR Fund is now trading 11.96% lower.
Technical analysis shows that although Energy Select Sector SPDR Fund is appreciating today after rising as high as $87.14, price action is now slowing and consolidating around 59 cents below the $87.19 resistance level. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Energy Select Sector SPDR Fund's upper Bollinger Band® is at $86.81, this is a slight indication of a slowdown.
Notwithstanding Energy Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States ISM Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7.
Other markets are also showing gains as Exxon Mobil is trading around $116.13 after ending yesterday's session at $109.66 (up 5.9% today). BP is trading around $39.74 after ending yesterday's session at $37.94 (up 4.74% today). Notably, Chevron rose 4.16% yesterday and closed at $163.16.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC.
