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June 25, 2023- Price action honing in on likely support at $131.58
- Health Care Select Sector SPDR Fund's upper Bollinger Band® is at $133.66 which indicates a further downward move may follow.
Though in the midst of a 7 day uptrend, gaining a total of 1.38%, ($2.24), The prevailing bullish trend is beginning to fade following Friday's downbeat session. Health Care Select Sector SPDR Fund slid down from $132.44 to $132, losing 44 cents (0.33%) today.
The past 3 months have been positive for Health Care Select Sector SPDR Fund as it added 3.68% compared to its 3-month low of $121.11.
'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Health Care Select Sector SPDR Fund's upper Bollinger Band® is at $133.66 which indicates a further downward move may follow. On the other hand, note that Health Care Select Sector SPDR Fund could begin to recover as it approaches significant support, now 42 cents away from $131.58. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Health Care Select Sector SPDR Fund to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Health Care Select Sector SPDR Fund is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, after ending Friday's session at $157.11, Toyota lost $3.73 and is trading around $153.38. Accenture plc Class A (Ireland) lost 2.87% Friday and closed at $307.25. Astrazeneca PLC is down to $72.12, losing $1.83, after ending the previous session around $73.95.
