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May 08, 2023- Price action backs away from resistance at $357.15 despite bullish mood
- S&P Global made an initial breakout above its 10 day Simple Moving Average at $351.9, a potential indicator of a newly emerging bullish phase.
The financial analytics company rallied 1.92% and maintained $354.19.
The stock has been trending positively for about a month. S&P Global hit a significant low of $286.62 around 6 months ago, but has since recovered 21.24%.
Technical analysis trend indicators suggest that S&P Global made an initial breakout above its 10 day Simple Moving Average at $351.9, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that S&P Global's upper Bollinger Band® is at $362.46, this is a slight indication of a slowdown. Chart analysis indicates although S&P Global is appreciating today after rising as high as $356.69, price action is now slowing and consolidating around $2.96 below the $357.15 resistance level.
Overall, the technical outlook suggests S&P Global is likely to remain muted for the immediate future, with no clear-cut direction.
A look at other financials stocks also showed bullish price action as HSBC Holdings gained 3.13%, as it traded at $38.2. Visa Inc. traded at $231.78 after closing Friday's trading day at $225.6 (up 2.74%). Royal Bank Of Canada added 2.55% to its value, and traded at $97.94.
Upcoming fundamentals: United States EIA Short-Term Energy Outlook will be released tomorrow at 16:00 UTC.
