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May 31, 2023- Price action honing in on likely support at $75.8
- Energy Select Sector SPDR Fund has just crossed the lower Bollinger Band® at $76.9, indicating further losses could be forthcoming.
Having fallen $2.55 in 4 days, Today's session continued the recent downtrend: a tough session dominated by bearish sentiment left XLE $1.37 lower, while setting a $76.33 to $77.33 session range.
All in all, the fund has been on a negative trend for around a month. Energy Select Sector SPDR Fund has fallen back around 17.13% over the past 6 months, from a notable high of $94.08.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. A crossing of the lower Bollinger Band® at $76.9 suggests further losses may follow for Energy Select Sector SPDR Fund. On the other hand, note that Energy Select Sector SPDR Fund could begin to recover as it approaches significant support, now 79 cents away from $75.8. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Energy Select Sector SPDR Fund to extend its recent losses.
Fundamental indicators – United States JOLTs Job Openings (Apr) released today at 14:00 UTC with a figure of 10.10 million, while the previous figure was 9.74 million.
Positive performances can be seen by looking at other markets as Pfizer is trading around $38.02 after ending today's session at $37 (up 2.73% today). Intel rallies 4.83% today and closed at $30. Verizon added 2.09% and closed around $34.9 today.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.
