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May 20, 2023- Price action backs away from resistance at $80.2 despite bullish mood
- Medium-term trend indication has turned positive as the MACD index generated a crossover buy signal
The sentiment that generated $2.05 in cumulative gains over the past 4 days was further evident for Energy Select Sector SPDR Fund. Energy Select Sector SPDR Fund pointed in the same direction yesterday: a bright session dominated by bullish sentiment helped XLE to close 61 cents higher, while setting a $79.19 to $80.25 session range.
All in all, the fund has been on a negative trend for around a month. Having set a significant high of $94.08 6 months ago, Energy Select Sector SPDR Fund is trading 16% lower.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Despite this, although Energy Select Sector SPDR Fund is appreciating today after rising as high as $80.25, price action is now slowing and consolidating around 56 cents below the $80.2 resistance level.
Overall, looking at the technical analysis landscape, it seems Energy Select Sector SPDR Fund might continue pointing upwards in the short term.
Fundamental indicators – United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600.
At the same time, Nike drops 3.46% yesterday and closed at $118.87. After ending yesterday's session at $93.76, Walt Disney lost $2.41 and is trading around $91.35. After ending yesterday's session at $84.49, Morgan Stanley lost $2.25 and is trading around $82.24.
