Key support level at $77.87 looms for downtrending Energy Select Sector SPDR Fund; currently 65 cents away

• Price action honing in on likely support at $77.87

While on a 4 day downtrend With a marginal improvement upon Friday's session, Energy Select Sector SPDR Fund was steady Friday maintaining a $77.95 – $79.31 range before closing at $78.52.

All in all, the fund has been on a negative trend for around 28 days. Energy Select Sector SPDR Fund is now trading 12.75% below its 3-month high of $94.08.

Energy Select Sector SPDR Fund chart analysis: Energy Select Sector SPDR Fund is approaching key support, around 65 cents away from $77.87. 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.

While Energy Select Sector SPDR Fund was pretty flat Friday, mixed performances were seen elsewhere as Diageo falls 2.58% Friday and closed at $182.94. NextEra Energy is trading around $77.96 after ending Friday's session at $76.1 (up 2.44% today). After ending Friday's session at $87.89, Alibaba lost $2.55 and is trading around $85.34.