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Trading Signals

Health Care Select Sector SPDR Fund eyeing key support at $133.43

13 April 2023

XLV

Price action honing in on likely support at $133.43
Bollinger analysis indicates upper Band® is at $135.57

While Health Care Select Sector SPDR Fund is on a 14 day uptrend Yesterday's session put the brakes on the ongoing uptrend — after ending Tuesday at $133.88, Health Care Select Sector SPDR Fund went up to $134.89 only to drop back to its starting point and close at $133.92.

The fund has been trending positively for about a month. Health Care Select Sector SPDR Fund has appreciated 9.86% over the past six months.

Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Health Care Select Sector SPDR Fund's upper Bollinger Band® is at $135.57, suggesting that a downward move may follow. Technical chart analysis shows Health Care Select Sector SPDR Fund is approaching key support, around 49 cents away from $133.43. 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.

Overall, while Health Care Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Fundamental indicators – United States Crude Oil Inventories came out at 597,000, better than analyst estimates of -583,000 and improving upon the previous reading of -3.74 million.

While Health Care Select Sector SPDR Fund was pretty flat yesterday, mixed performances were seen elsewhere as Alibaba lost 5.93% yesterday and closed at $99.76. Novo Nordisk added 3.25% and closed around $158.37 yesterday. Walt Disney lost 2.47% yesterday and closed at $100.42.

Upcoming fundamentals: United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.

Market Summary

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ETF Tech Brief | Bullish Health Care Select Sector SPDR Fund on track to continue higher in the near term

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Copper up 5.3 cents to $3.94 building up on its five days of gains

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