Technical Pulse: SPDR Select Sector Fund – Financial (NYSEARCA: XLF) March 13, 2023 103

SPDR Select Sector Fund – Financial (NYSEARCA: XLF) Potential continuation of the bearish momentum with breakdown of a bearish rising wedge.

 

1.      The price has broken down a rising wedge at the confluence of a downtrend resistance line, which could signal for further downside.

2.      The price could continue to trade lower to retest the support zone at US$28.40-30.00, when calculating the target area for the rising wedge breakdown by taking the height (US$6.15) and projecting onto the breakdown point at US$36.00.

3.      The support zone is also confluent with a 50% Fibonacci retracement level at US$28.70, calculated using a swing high of US$40.84 and swing low of US$16.55.

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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