Prevailing uptrend in Energy Select Sector SPDR Fund set for stern test at $80.58

• Energy Select Sector SPDR Fund drawing closer to significant resistance at $80.58 with potentially further upside ahead
• Known Fib level $79.94 serving as battleground for bulls and bears

Having added to its $2.78 increase during 4 days of gains, Consistent for now — after closing the previous trading day at $79.37, Energy Select Sector SPDR Fund went up to $80.03 only to drop back; still positive overall today, now trading at $79.71.

All in all, the fund has been on a negative trend for around a month. Energy Select Sector SPDR Fund has shed 9.08% over the past three months.

Energy Select Sector SPDR Fund chart analysis: Energy Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $80.58. Of course, crossing it might suggest further gains are ahead. With regards to technical trend indicators, chart analysis show that Energy Select Sector SPDR Fund made an initial breakout above its 21 day Simple Moving Average at $79, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $79.94 currently serving as resistance Analysis based on the asset volatility indicates that Energy Select Sector SPDR Fund's upper Bollinger Band® is at $81, this is a slight indication of a slowdown.

Overall, while Energy Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Fundamental indicators – United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8.

Other markets are also showing gains as Intel gained 4.49% and is currently trading at $31.2. Vanguard Small-Cap Index Fund ETF Shares gained 2.16% and is now trading at $193.51.

At the same time, McDonald's is down to $282.77, losing $5.66, after closing at $288.43 in the preceding trading session.

Upcoming fundamentals: United States Crude Oil Inventories projected to decline to 1.15 million while previous data was 4.49 million; data will be released tomorrow at 14:30 UTC.