After ending Friday at $71.85, Consumer Staples Select Sector SPDR Fund ascended as high as $72.4 before meeting resistance. Undeterred, Consumer Staples Select Sector SPDR Fund posted a fresh rally late in the trading session targeting $71.93.
Technical analysis shows that Consumer Staples Select Sector SPDR Fund is approaching key support, around 84 cents away from $71.09. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Fibonacci-minded traders witnessed a key Fib level of $71.96 holding firm – an indicator of highly concentrated demand around this level.
At the same time, mixed performances are seen elsewhere as iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF moves 0.04% to trade around $25.35. ProShares Ultra Bloomberg Natural Gas is up 16.39%. Meta Platforms added 5.39% to its value, now trading at $95.68.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 17:00 UTC.
Having set a significant high of $80.57 a month ago, Consumer Staples Select Sector SPDR Fund is trading 8.05% lower.