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March 01, 2023
- Health Care Select Sector SPDR Fund wasn't trading below $128 for 4 months.
- Falling prices have precipitated Health Care Select Sector SPDR Fund's approach to its lower Bollinger Band® at $127.1
Over the last 11 days, Health Care Select Sector SPDR Fund has fallen 4.81%. Yesterday's session continued the recent downtrend: a tough session dominated by bearish sentiment left XLV 96 cents lower, while setting a $127.06 to $127.84 session range.
The fund has been trending lower for about 2 months. The current year has not been the best for Health Care Select Sector SPDR Fund as it lost 6.08% from its highest point of $142.83.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Health Care Select Sector SPDR Fund's lower Bollinger Band® is at $127.1, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Health Care Select Sector SPDR Fund chart analysis: Health Care Select Sector SPDR Fund could begin to recover as it approaches significant support, now 31 cents away from $126.85. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Health Care Select Sector SPDR Fund will remain range-bound for the immediate future.
Fundamental indicators – highly important Consumer Confidence data from United States beat analyst expectations of 108.5 with a reading of 102.9.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $109.36, Merck lost $3.12 and is trading around $106.24. Goldman Sachs is down to $351.65, losing $13.88, after ending the previous session around $365.53.
Other assets are showing positive performances as Meta Platforms went up by 3.19% yesterday, and closed at $174.94.
Upcoming fundamentals: projections for United States Crude Oil Inventories are set for a continuation of decline with 457,000 while previous data was 7.65 million; data will be released today at 15:30 UTC.
