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May 11, 2023
- Financial Select Sector SPDR Fund now at $32.03
- The lower Bollinger Band® is currently at $26.88 while the higher band is at $29.78
The lower Bollinger Band® of Financial Select Sector SPDR Fund is at $31.5. Financial Select Sector SPDR Fund is eyeing the $31.61 support line.
Despite muted price action in Financial Select Sector SPDR Fund, chart analysis indicates it is positioned for a bullish run in the short term.
Around $29.44, iShares MSCI Brazil ETF can look to establish a new bullish phase beyond its 200 day Simple Moving Average. On the other hand, note that iShares MSCI Brazil ETF's upper Bollinger Band® is at $29.78. IShares MSCI Brazil ETF's recent run now faces a major challenge as concentrated supply is likely found at $29.9 with price action currently 34 cents away.
Overall, looking at the technical analysis landscape, it seems iShares MSCI Brazil ETF likely to continue pointing upward in the short term.
IShares iBoxx $ High Yield Corporate Bond ETF could begin to recover as it approaches significant support, now 8 cents away from $74.61. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, iShares iBoxx $ High Yield Corporate Bond ETF peaked above its 200 day Simple Moving Average around $74.72 — typically an early indicator of a new bullish trend beginning to emerge. IShares iBoxx $ High Yield Corporate Bond ETF's lower Bollinger Band® is at $74.29, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Despite suffering losses in today's session, technical analysis is indicating that iShares iBoxx $ High Yield Corporate Bond ETF will undergo a significant bounce in the immediate term.
Fundamental indicators – United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts.
