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May 13, 2023- Prices have climbed 61 cents away from the nearest support level at $131.58
- Price action is currently stuck around the active Fibonacci support level of $131.8
Following 10 days of flat trade, Pointing in a similar direction, yesterday's session was more of the same — a tough session dominated by bearish sentiment left XLV 18 cents lower, while setting a $131.6 to $132.85 session range.
The fund has been trending positively for about 2 months. Having soared to a high of $140.1 approximately 4 months ago, Health Care Select Sector SPDR Fund is now trading 5.52% lower.
Health Care Select Sector SPDR Fund is climbing away and is now 61 cents from the $131.58 support line. Health Care Select Sector SPDR Fund made an initial breakout above its 3 day Simple Moving Average at $132.52, a potential indicator of a newly emerging bullish phase. Health Care Select Sector SPDR Fund's upper Bollinger Band® is at $134.88 and the lower is $131.52. In contrast, price action remains constrained around the key Fibonacci level of $131.8 currently serving as support. If price action breaks below, the next Fib hurdle is $130.61.
Despite muted price action in Health Care Select Sector SPDR Fund, chart analysis indicates it is positioned for a bullish run in the short term.
Fundamental indicators – United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800.
While Health Care Select Sector SPDR Fund was pretty flat yesterday, mixed performances were seen elsewhere as Diageo is down to $178.22, losing $4.72, after ending the previous session around $182.94. NextEra Energy rallies 2.44% yesterday and closed at $76.1. After ending yesterday's session at $87.89, Alibaba lost $2.55 and is trading around $85.34.
