Key support level at $83.64 looms for downtrending Energy Select Sector SPDR Fund; currently 47 cents away

• Energy Select Sector SPDR Fund is eyeing $83.64 as its nearest support level
• Falling prices have precipitated Energy Select Sector SPDR Fund's approach to its lower Bollinger Band® at $83.2

Energy Select Sector SPDR Fund's bearish run has lasted 7 days so far (-$5.72). Yesterday's session continued the recent downtrend: bearish sentiment ensured Energy Select Sector SPDR Fund finished yesterday's session lower. However, despite the downward bias, Energy Select Sector SPDR Fund etched out a distinct $83.92 to $85.04 session range.

Energy Select Sector SPDR Fund is now trading 10.19% below the significant high of $94.08 it set around 3 months ago.

Technical analysis shows that Energy Select Sector SPDR Fund could begin to recover as it approaches significant support, now 47 cents away from $83.64. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show 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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $83.2, a low enough level to, generally, suggest that Energy Select Sector SPDR Fund is trading below its fair value.

Overall, the technical outlook suggests Energy Select Sector SPDR Fund is likely to remain muted for the immediate future, with no clear-cut direction.

Fundamental indicators – United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million.

In the meantime, negative performances are also seen in other markets, Home Depot tumbles 7.06% yesterday and closed at $317.95. After ending yesterday's session at $212.75, Lowe's lost $10.9 and is trading around $201.85.

Other assets are showing positive performances as HSBC Holdings jumps 4.55% yesterday and closed at $37.34.

Upcoming fundamentals: as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC.