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May 01, 2023
- SPDR S&P Metals & Mining ETF is trending down and might signal a change of direction
- Bollinger analysis indicates upper Band® is at $54.29
SPDR S&P Metals and Mining ETF made an initial foray below its 3 day Simple Moving Average around $49.08. On the other hand, note that SPDR S&P Metals & Mining ETF is trending down and heading towards $48.69, which is only 71 cents away now. Hitting this support line might signal a change of direction. The lower Bollinger Band® of SPDR S&P Metals & Mining ETF is at $48.42.
According to technical indicators, SPDR S&P Metals & Mining ETF is positioned for a downward move in the short term.
$19.14 marks the crossover point where ProShares UltraShort MSCI Brazil Capped price action falls below its 21 day Simple Moving Average. In contrast, a convincing break of this target could pave the way for deeper losses.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting ProShares UltraShort MSCI Brazil Capped to extend its recent losses.
Around $117.68, iShares Select Dividend ETF can look to establish a new bullish phase beyond its 21 day Simple Moving Average. IShares Select Dividend ETF's lower Bollinger Band® is at $115.77. Despite this, iShares Select Dividend ETF's recent run now faces a major challenge as concentrated supply is likely found at $118.14 with price action currently 55 cents away.
Overall, looking at the technical analysis landscape, it seems iShares Select Dividend ETF might continue pointing upwards in the short term.
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