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April 12, 2023
- Price action honing in on likely support at $133.57
- Bollinger analysis indicates upper Band® is at $135
Stable at $134 and still trending upwards, Today's session might suggest a slow down — although Health Care Select Sector SPDR Fund ended yesterday strong and rose from $133.88 to $134.89, it dropped back today and is now priced at $134.
The fund has been trending positively for about a month. The past 6 months have been positive for Health Care Select Sector SPDR Fund as it appreciated 9.29%, having traded as low as $119.89.
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 Health Care Select Sector SPDR Fund's upper Bollinger Band® is at $135, suggesting that a downward move may follow. Following today's trading session, chart analysis suggests Health Care Select Sector SPDR Fund is approaching key support, around 43 cents away from $133.57. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Overall, while Health Care Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – highly important Crude Oil Inventories data from United States beat analyst expectations of -583,000 with a reading of 597,000.
While Health Care Select Sector SPDR Fund is pretty flat so far today, mixed performances are seen elsewhere as Alibaba closed at $93.96 (down 5.81%). Novo Nordisk gained 3.46% and is currently trading at $163.85. Anheuser-Busch is down to $63.41, losing $1.7, after closing at $65.11 in the preceding trading session.
Upcoming fundamentals: United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC.
