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May 29, 2023
- Direxion Daily Energy Bull 2X Shares bearish trend is facing a possible turning point at $50.86
- ETFMG Alternative Harvest ETF's upper Bollinger Band® is at $3.55 which indicates a further downward move may follow.
Direxion Daily Energy Bull 2X Shares made an initial foray below its 10 day Simple Moving Average around $52.19. Direxion Daily Energy Bull 2X Shares is hovering around the $51.31 Fibonacci support level. Direxion Daily Energy Bull 2X Shares's upper Bollinger Band® at $54.91, suggesting a further decline is forthcoming. Despite this, Direxion Daily Energy Bull 2X Shares is trending down and heading towards $50.86, which is only 77 cents away now. Hitting this support line might signal a change of direction.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Direxion Daily Energy Bull 2X Shares to extend its recent losses.
Around $30.07, iShares Preferred & Income Securities ETF can look to establish a new bullish phase beyond its 21 day Simple Moving Average. IShares Preferred & Income Securities ETF is alternating around the $30.11 Fibonacci resistance level. In contrast, iShares Preferred & Income Securities ETF's run now faces a challenge at $30.23, which is only 9 cents away and will be interesting to follow.
Overall, looking at the technical analysis landscape, it seems iShares Preferred & Income Securities ETF might continue pointing upwards in the short term.
Visual analysis of ETFMG Alternative Harvest ETF's chart shows that a convincing break of this target could pave the way for deeper losses. Trend-following investors would be interested to note that ETFMG Alternative Harvest ETF's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. According to asset volatility analysis, ETFMG Alternative Harvest ETF's lower Bollinger Band® is now at $3.04.
For the time being, ETFMG Alternative Harvest ETF remains flat without a clear direction.
Upcoming fundamentals: projections for United States Consumer Confidence are set for a continuation of decline with 99 while previous data was 101.3; data will be released tomorrow at 14:00 UTC.
