- Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares bearish trend is facing a possible turning point at $11.77
- The lower Bollinger Band® is currently at $92.92 while the higher band is at $103.22
$13.3 marks the crossover point where VanEck Vectors ETF Trust – VanEck Vectors Social Sentiment ETF price action falls below its 50 day Simple Moving Average. Despite this, VanEck Vectors ETF Trust – VanEck Vectors Social Sentiment ETF's downtrend might be halted by its support level at $13.22, which is only 10 cents away.
Despite the market lacking direction, technical chart analysis strongly suggests VanEck Vectors ETF Trust – VanEck Vectors Social Sentiment ETF is positioned for a downward move in the near term.
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares made an initial foray below its 3 day Simple Moving Average around $11.8. Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares's upper Bollinger Band® is at $12.8 which indicates a further downward move may follow. In contrast, bearish run for Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares is facing a possible turning point at $11.77, which is only 26 cents away. If this support line fails to hold, the next target will be at $11.3.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares is expected to attract significant bearish sentiment in the coming days.
It will be interesting to follow how Industrial Select Sector SPDR Fund's run now faces a challenge at $100.55, which is only 49 cents away. Although up today, early price action saw Industrial Select Sector SPDR Fund dropping below its 10 day Simple Moving Average at $99.82 — an early indicator that a new downward trend could be emerging.
Overall, looking at the technical analysis landscape, it seems Industrial Select Sector SPDR Fund is likely to reverse course and start pointing down in the short term.
Fundamental indicators – highly important Consumer Confidence data from United States beat analyst expectations of 100 with a reading of 100.2.
Upcoming fundamentals: United States Pending Home Sales is projected to outperform its last figure with -5%, having previously been at -10.2%. The figure will be published tomorrow at 15:00 UTC.