- Price action fails to breach Fibonacci support at $89.15 and bounces 64.892 cents upon testing
- Bollinger analysis indicates upper Band® is at $90.04
Stable at $89.8 and still trending upwards, Today's session might suggest a slow down — after dropping down to $88.8, Energy Select Sector SPDR Fund recovers some losses and is currently trading at $89.8.
The fund has been trending positively for about a month. Energy Select Sector SPDR Fund has gained 6.42% since its lowest print of $62.45 earlier this year.
Visual analysis of Energy Select Sector SPDR Fund's chart shows that Energy Select Sector SPDR Fund is approaching key support, around $1.05 away from $88.75. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-focused traders would be interested to note that investors are seeking long positions as Energy Select Sector SPDR Fund price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Fibonacci-minded traders witnessed a key Fib level of $89.15 holding firm – an indicator of highly concentrated demand around this level. According to asset volatility analysis, Energy Select Sector SPDR Fund's upper Bollinger Band® is at $90.04, suggesting that a downward move may follow.
Notwithstanding Energy Select Sector SPDR Fund's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States Consumer Price Index came out at -0.1%, while a consensus of analysts was expecting 0%.
While Energy Select Sector SPDR Fund is pretty flat so far today, mixed performances are seen elsewhere as Lockheed Martin closed at $448.58 (down 2.85%). Toyota closed at $140.02 (down 1.64%). After ending yesterday's session at $100.68, Raytheon Technologies lost $2.38 and is trading around $98.3.