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Trading Signals

Health Care Select Sector SPDR Fund hones in on key resistance at $134.8

24 April 2023

XLV

Health Care Select Sector SPDR Fund drawing closer to significant resistance at $134.8 with potentially further upside ahead
Although higher today, Health Care Select Sector SPDR Fund dipped below its 10 day Simple Moving Average in early trade

Positive signs: after 7 days of being mostly flat Friday's session shows improvement: Health Care Select Sector SPDR Fund went up to $134.3 Friday, gaining 0.67%.

The fund has been trending positively for about a month. Health Care Select Sector SPDR Fund is now trading 4.78% below the significant high of $140.1 it set around 4 months ago.

Health Care Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $134.8. Of course, crossing it might suggest further gains are ahead. Despite posting gains on Friday, Health Care Select Sector SPDR Fund slid below its 10 day Simple Moving Average at $134.03 during the last session — an early indicator that a negative trend could be emerging.

Health Care Select Sector SPDR Fund is likely to reverse course and start pointing downward in the short term.

Other markets are also showing gains as notably, Procter & Gamble rose 3.46% Friday and closed at $150.85. Novo Nordisk added 4.4% and closed around $165.37 Friday. SAP went up by 5.59% Friday, and closed at $133.95.

Upcoming fundamentals: United States Building Permits is expected tomorrow at 13:30 UTC.

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