- Energy Select Sector SPDR Fund drawing closer to significant resistance at $91.42 with potentially further upside ahead
- Energy Select Sector SPDR Fund made an initial breakout above its 5 day Simple Moving Average at $91.14, a potential indicator of a newly emerging bullish phase.
After closing at $89.35 yesterday, Energy Select Sector SPDR Fund began today at $90.34 with significant bullish sentiment driving Energy Select Sector SPDR Fund's price action higher. So far today, price action has drawn out a distinct $90 to $91.23 range.
Energy Select Sector SPDR Fund reached a significant high of $94.08 around 14 days ago but has lost 5.03% since then.
Energy Select Sector SPDR Fund made an initial breakout above its 5 day Simple Moving Average at $91.14, a potential indicator of a newly emerging bullish phase. Energy Select Sector SPDR Fund's lower Bollinger Band® is at $88.47, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Energy Select Sector SPDR Fund is 80 cents away from testing key resistance at $91.42. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Energy Select Sector SPDR Fund might continue pointing upwards in the short term.
Fundamental indicators – United States Consumer Confidence released today at 15:00 UTC is better than expected at 100.2 but down from preceding data of 102.2 according to new data.
Other markets are also showing gains as Alibaba surges 5.23% to trade around $79.84. HSBC Holdings added 4.08% to its value, now trading at $30.48. Having closed the previous session at $179.91, United Parcel Service is up 2.73% today to currently trade at around $184.83.
Upcoming fundamentals: United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released tomorrow at 15:00 UTC.