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May 19, 2023
- United States Oil Fund LP bearish trend is facing a possible turning point at $63.61
- Upper Bollinger Band® currently at $48.87
United States Oil Fund, LP is currently flirting with an active Fibonacci support level around $63.92. Yesterday's price action generated a Japanese candlestick pattern showing 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Analysis of United States Oil Fund LP's recent price action suggests bearish run for United States Oil Fund LP is facing a possible turning point at $63.61, which is only 43 cents away. If this support line fails to hold, the next target will be at $63.19.
SPDR Portfolio Intermediate Term Corporate Bond ETF made an initial foray below its 200 day Simple Moving Average around $32.13. Price action remains constrained around the key Fibonacci level of $32.15 currently serving as support. If price action breaks below, the next Fib hurdle is $32.03. Despite this, SPDR Portfolio Intermediate Term Corporate Bond ETF's lower Bollinger Band® is now at $32.13. A convincing break of this target could pave the way for deeper losses.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for SPDR Portfolio Intermediate Term Corporate Bond ETF.
Trend-focused traders would be interested to note that Schwab U.S. Broad Market ETF's CCI indicator is above +100. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $48.87, thereby suggesting that Schwab U.S. Broad Market ETF is becoming overvalued. Chart analysis indicates Schwab U.S. Broad Market ETF's recent run now faces a major challenge as concentrated supply is likely found at $49 with price action currently 21 cents away.
For the time being, Schwab U.S. Broad Market ETF remains flat without a clear direction.
Fundamental indicators – United States Existing Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million.
Upcoming fundamentals: United States Fed Chair Powell speech is scheduled today at 15:00 UTC.
