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February 22, 2023
- Price action honing in on likely support at $129.72
- Lower Bollinger Band® at around $130.25
Health Care Select Sector SPDR Fund has lost 2.49% over the last 6 days. Yesterday's session continued down the same path: a tough session dominated by bearish sentiment left XLV $1.73 lower, while setting a $130.09 to $131.57 session range.
All in all, the fund has been on a negative trend for around 2 months. This year has been a gloomy one for Health Care Select Sector SPDR Fund after trading as high as $142.83 and going on to lose 3.78% of its value.
Health Care Select Sector SPDR Fund made an initial break below its 200 day Simple Moving Average at $130.6, a possible indication of a forthcoming negative trend. In contrast, Bollinger Bands® shows an indication of recovery: the lower band is at $130.25, a low enough level to, generally, suggest that Health Care Select Sector SPDR Fund is trading below its fair value. Health Care Select Sector SPDR Fund could begin to recover as it approaches significant support, now 55 cents away from $129.72. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Health Care Select Sector SPDR Fund.
Fundamental indicators – United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million.
In the meantime, negative performances are also seen in other markets, Home Depot is down to $295.5, losing $22.45, after ending the previous session around $317.95. Lowe's lost 5.12% yesterday and closed at $212.75.
Positive performances can be seen by looking at other markets as HSBC Holdings went up by 4.55% yesterday, and closed at $39.04.
Upcoming fundamentals: United States Crude Oil Inventories projected to decline to 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC.
