- Price action honing in on likely support at $86.51
- Falling prices have precipitated Energy Select Sector SPDR Fund's approach to its lower Bollinger Band® at $85.49
A tough session dominated by bearish sentiment left XLE 79 cents lower, while setting a $87.06 to $88.73 session range.
Energy Select Sector SPDR Fund has managed to gain 3.71% so far this year despite trading at lows around $66.95 previously.
Energy Select Sector SPDR Fund's notable support and resistance levels: Energy Select Sector SPDR Fund could begin to recover as it approaches significant support, now $1.05 away from $86.51. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that Energy Select Sector SPDR Fund made an initial break below its 50 day Simple Moving Average at $87.68, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Energy Select Sector SPDR Fund's lower Bollinger Band® is at $85.49, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates Energy Select Sector SPDR Fund will remain range-bound for the immediate future.
Fundamental indicators – United States Crude Oil Inventories fell short of the 2.46 million projections, with new data of 2.42 million.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $108.04, Alphabet lost $8.04 and is trading around $100. Meta Platforms is down to $183.43, losing $8.19, after ending the previous session around $191.62.
Other assets are showing positive performances as CVS Health went up by 3.47% yesterday, and closed at $88.96.
Upcoming fundamentals: United States Initial Jobless Claims expected to decline to 190,000 while its preceding data was 183,000, data will be available today at 13:30 UTC.