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July 02, 2023- Price action is gradually approaching a key resistance hurdle at $133.24
- Known Fib level $132.45 serving as battleground for bulls and bears
Having added to its 85 cents increase during 3 days of gains, Health Care Select Sector SPDR Fund stayed on track Friday: Health Care Select Sector SPDR Fund went up to $132.73 Friday, gaining 1.03%.
The fund has been trending positively for about a month. Having soared to a high of $140.1 approximately 6 months ago, Health Care Select Sector SPDR Fund is now trading 6.22% lower.
Health Care Select Sector SPDR Fund chart analysis: Health Care Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $133.24. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that investors are seeking long positions as Health Care Select Sector SPDR Fund price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Health Care Select Sector SPDR Fund formed a session range of $131.83 to $133.04 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $132.45. Asset volatility analysis shows that Health Care Select Sector SPDR Fund's upper Bollinger Band® is at $133.18, this is a slight indication of a slowdown.
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.
Other markets are also showing gains as Novo Nordisk soars 3.06% Friday and closed at $157.03. Notably, Walmart rose 1.88% Friday and closed at $154.28.
At the same time, Nike is down to $110.37, losing $3, after ending the previous session around $113.37.
Upcoming fundamentals: United States ISM Manufacturing PMI (Jun) is expected tomorrow at 14:00 UTC.
