- Nearest support line of $87.37 is only $3.91 away
- Although down today, Energy Select Sector SPDR Fund rose above its 21 day Simple Moving Average around earlier in the session
While on a 3 day downtrend, dropping a total of 2.98%, More of the same today: as the current session draws to a close, Energy Select Sector SPDR Fund remains in the $89.51 – $91.42 range after dropping 1.17%.
Energy Select Sector SPDR Fund reached a significant high of $94.08 around 3 days ago but has lost 1.83% since then.
Despite being in the red so far in the current trading session, Energy Select Sector SPDR Fund peaked above its 21 day Simple Moving Average around $90.2 — typically an early indicator of a new bullish trend beginning to emerge. Although Energy Select Sector SPDR Fund is down today and was as low as $89.51, it seems to be recovering slightly and climbing away from the $87.37 support line and is now $3.91 above it.
Technical analysis indicates that Energy Select Sector SPDR Fund (currently on a downtrend) might reverse course and start pointing upward in the short term.
Fundamental indicators – United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $84.26, Alibaba lost $3.97 and is trading around $80.29.
Positive performances can be seen by looking at other markets as Novartis jumps 2.36% to trade around $85.43. Anthem surges 2.71% to trade around $482.58.