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February 28, 2023
- BlackRock's downtrend is set to be challenged by looming key support at $677.67
- Bollinger analysis indicates upper Band® is at $87.06
A persuasive break of this target could lead to higher losses. Around $694.92, BlackRock can look to establish a new bullish phase beyond its 5 day Simple Moving Average. BlackRock's lower Bollinger Band® is now at $667.13.
Overall, looking at the technical analysis landscape, it seems BlackRock might be pointing upward in the short term.
Around $81.32, Ares Management can look to establish a new bullish phase beyond its 5 day Simple Moving Average. Ares Management's lower Bollinger Band® is at $79.44. Ares Management is trending down and heading towards $79.51, which is only 64 cents away now. Hitting this support line might signal a change of direction.
With market volatility ebbing, the current technical outlook indicates Ares Management will break higher above its recent ranges in the immediate future.
Trend and momentum analysis indicates that around $38.13, HSBC Holdings can look to establish a new bullish phase beyond its 5 day Simple Moving Average. Analysis based on the asset volatility indicates that HSBC Holdings's upper Bollinger Band® is at $38.78, suggesting that a downward move may follow. Technical analysis of HSBC Holdings's past price action reveals multiple support and resistance levels: a convincing break of this target could pave the way for deeper losses.
For the time being, HSBC Holdings remains flat without a clear direction.
PayPal is hovering around the $73.82 Fibonacci support level. Chart analysis suggests PayPal's bearish trend is facing a possible turning point at $73.3, which is only 47 cents away. Will be interesting to follow.
Fundamental indicators – United States Pending Home Sales came out at 8.1%, better than analyst estimates of 1% and improving upon the previous reading of 1.1%.
Upcoming fundamentals: as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 440,000, following on from the preceding figure of 7.65 million. New data is set to be published tomorrow at 15:30 UTC.
