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February 22, 2023
- Communication Services Select Sector SPDR Fund's downtrend is set to be challenged by looming key support at $53.8
- Energy Select Sector SPDR Fund's upper Bollinger Band® is at $93.05 which indicates a further downward move may follow.
As the trading day commences, technical analysis suggests Communication Services Select Sector SPDR Fund's bearish trend is facing a possible turning point at $53.8, which is only 26 cents away. Will be interesting to follow.
Trend-focused traders would be interested to note that iShares MSCI Eurozone ETF's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $43.62, a low enough level to, generally, suggest that iShares MSCI Eurozone ETF is trading below its fair value. As the day gets underway, chart analysis suggests a persuasive break of this target could lead to higher losses.
For the time being, iShares MSCI Eurozone ETF remains flat without a clear direction.
Trend and momentum analysis indicates that Energy Select Sector SPDR Fund's CCI indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Analysis based on the asset volatility indicates that Energy Select Sector SPDR Fund's lower Bollinger Band® is at $82.97. As the trading day commences, technical analysis suggests Energy Select Sector SPDR Fund's downtrend might be halted by its support level at $83.21, which is only 13 cents away.
For the time being, Energy Select Sector SPDR Fund remains flat without a clear direction.
Fundamental indicators – United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million.
Upcoming fundamentals: United States Crude Oil Inventories projected to come out at 1.17 million — worse than previous data of 16.28 million; data will be released tomorrow at 16:00 UTC.
