- Price action is gradually approaching a key resistance hurdle at $126.5
- Market price rises 81.124 cents beyond key Fib handle of $125.08
Health Care Select Sector SPDR Fund displays further gains following a recent trend of 6 days and $2.05. Yesterday continued on the same track for Health Care Select Sector SPDR Fund — with a daily low of $124.54, Health Care Select Sector SPDR Fund closed yesterday at $125.89, after ending Friday at $123.9 and gaining $2 (1.61%).
Health Care Select Sector SPDR Fund is now trading 13.25% below the significant high of $142.83 it set around 6 months ago.
With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Health Care Select Sector SPDR Fund price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Price action overcame a known Fibonacci resistance level at $125.08 by around 81.124 cents with prices hammering out a $124.54 – $126.14 session range. Asset volatility analysis shows that Health Care Select Sector SPDR Fund's upper Bollinger band is at $127, this is a slight indication of a slowdown. Technical analysis of Health Care Select Sector SPDR Fund's past price action reveals multiple support and resistance levels: Health Care Select Sector SPDR Fund could be slowing down soon as it approaches resistance at $126.5. Of course, crossing it might suggest further gains are ahead.
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 NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Other markets are also showing gains as ARK Innovation ETF shoots up 7.03% yesterday and closed at $34. Amazon explodes 6.45% yesterday and closed at $106.9.
In the meantime, a flat day for iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF, closing at $25.35.
Upcoming fundamentals: United States Crude Oil Inventories projected to decline to 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.