- Price action breaks below known Fib level ($82.78) with $80.28 the next target
- Falling prices have precipitated Energy Select Sector SPDR Fund's approach to its lower Bollinger Band® at $82.65
Energy Select Sector SPDR Fund's bearish run has lasted 8 days so far (-$6.41). More of the same from Friday's session: a tough session dominated by bearish sentiment left XLE $2.06 lower, while setting a $82.65 to $85.4 session range.
27 days ago Energy Select Sector SPDR Fund reached a significant high of $94.08 but has consequently lost 9.93% since then.
Energy Select Sector SPDR Fund made an initial break below its 3 day Simple Moving Average at $85.06, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $82.78, market bears have earmarked $80.28 as the next downside target. Despite this, Energy Select Sector SPDR Fund's lower Bollinger Band® is at $82.65, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Energy Select Sector SPDR Fund could begin to recover as it approaches significant support, now 93 cents away from $81.75. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Energy Select Sector SPDR Fund.
In the meantime, negative performances are also seen in other markets, Chevron falls 3.19% Friday and closed at $173.54. Walmart is down to $145.31, losing $3.47, after ending the previous session around $148.78. Eli Lilly and Company is down to $361, losing $10.79, after ending the previous session around $371.79.
Upcoming fundamentals: United States Consumer Price Index figure is projected at 0.3%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC.