- Price action oscillating around key resistance at $82.25
- Fibonacci resistance at $82.44 holds firm with prices retreating $1.16
During a 3 day fall, dropping a total of 2.53%, ($3.11), A possible reversal detected from yesterday; with a daily low of $81.05, Energy Select Sector SPDR Fund closed yesterday at $81.28, after ending Friday at $80.28 and gaining $1 (1.25%).
Energy Select Sector SPDR Fund now trading 16.08% above its 3-month low of $53.
Energy Select Sector SPDR Fund is 97 cents away from testing key resistance at $82.25. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains on yesterday, Energy Select Sector SPDR Fund slid below its 3 day Simple Moving Average at $81.26 during the last session — an early indicator that a negative trend could be emerging.
Examining the technical analysis landscape, Energy Select Sector SPDR Fund is likely to reverse course and start pointing downward in the short term.
Fundamental indicators – United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Other markets are also showing gains as ARK Innovation ETF is trading around $36.38 after ending yesterday's session at $34 (up 7.03% today). Amazon skyrockets 6.45% yesterday and closed at $106.9.
At the same time, a flat day for iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF, closing at $25.35.
Upcoming fundamentals: United States Crude Oil Inventories projected to decline to 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.