- Strong bullish sentiment set to meet bearish fightback around key resistance at $52.6, currently 25 cents away
- ProShares UltraShort Gold's upper Bollinger Band® at $33.04, suggesting a further decline is forthcoming.
Trend analysis indicates that Communication Services Select Sector SPDR Fund's CCI indicator is above +100. Asset volatility analysis shows that Communication Services Select Sector SPDR Fund's upper Bollinger Band® is now at $53. A study of Communication Services Select Sector SPDR Fund's historical price actions shows Communication Services Select Sector SPDR Fund's recent run now faces a major challenge as concentrated supply is likely found at $52.6 with price action currently 25 cents away.
Overall, while Communication Services Select Sector SPDR Fund has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Around $141.54, Vanguard Mid-Cap Value ETF can look to establish a new bullish phase beyond its 3 day Simple Moving Average. Vanguard Mid-Cap Value ETF's run now faces a challenge at $140.13, which is only $2.29 away and will be interesting to follow. In contrast, Vanguard Mid-Cap Value ETF's upper Bollinger Band® is at $143.32.
Although price action remains in a stalemate, technical analysis suggests Vanguard Mid-Cap Value ETF could be primed for a break to the upside.
With regards to technical trend indicators, chart analysis show that ProShares UltraShort Gold's CCI indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Momentum evaluation shows that the Relative Strength Index shows ProShares UltraShort Gold is in oversold condition. Analysis based on the asset volatility indicates that ProShares UltraShort Gold's lower Bollinger Band® is at $27.83, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Support/Resistance levels obtained from chart analysis indicate that ProShares UltraShort Gold is trending down and heading towards $27.76, which is only 21 cents away now. Hitting this support line might signal a change of direction.
For the time being, ProShares UltraShort Gold remains flat without a clear direction.