- Energy Select Sector SPDR Fund drawing closer to significant resistance at $86.88 with potentially further upside ahead
- The lower Bollinger Band® is currently at $74.92 while the higher band is at $87.24
Energy Select Sector SPDR Fund went up to $86.29 yesterday, gaining 1.51%.
8 months ago, Energy Select Sector SPDR Fund fell to a low of $67.49 but has since recovered 25.96%.
Despite posting gains on yesterday, Energy Select Sector SPDR Fund slid below its 50 day Simple Moving Average at $84.77 during the last session — an early indicator that a negative trend could be emerging. Energy Select Sector SPDR Fund's upper Bollinger Band® is at $87.24, this is a slight indication of a slowdown. Energy Select Sector SPDR Fund is 59 cents away from testing key resistance at $86.88. Peaking above this level could inspire market bulls and open the path to further gains.
Technical analysis suggests there could be an imminent reversal for Energy Select Sector SPDR Fund.
Fundamental indicators – highly important Crude Oil Inventories data from United States beat analyst expectations of -2.33 million with a reading of -3.74 million.
Energy Select Sector SPDR Fund shows positive signs, other assets are also on par: notably, Johnson & Johnson rose 4.49% yesterday and closed at $158.49. Merck jumps 2.83% yesterday and closed at $108.83.
At the same time, Deere & Company is down to $373.82, losing $23.84, after ending the previous session around $397.66.
Upcoming fundamentals: United States Non Farm Payrolls projected to decline to 239,000 while previous data was 311,000; data will be released tomorrow at 12:30 UTC.