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April 07, 2023- Strong bullish sentiment set to meet bearish fightback around key resistance at $3.83, currently 3 cents away
- Upper Bollinger Band® currently at $35.49
Chart analysis suggests Banco Santander, S.A.'s recent run now faces a major challenge as concentrated supply is likely found at $3.83 with price action currently 3 cents away. With regards to technical trend indicators, chart analysis show that Banco Santander, S.A.'s CCI indicator is above +100. Price action overcame a known Fibonacci resistance level at $3.79 by around 0.5 cents with prices hammering out a $3.75 – $3.82 session range. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $3.87, thereby suggesting that Banco Santander, S.A. is becoming overvalued.
For the time being, Banco Santander, S.A. remains flat without a clear direction.
RenaissanceRe made an initial foray below its 50 day Simple Moving Average around $204.23. RenaissanceRe is hovering around the $203.32 Fibonacci support level. The upper Bollinger Band® of RenaissanceRe is at $207.76. Despite this, RenaissanceRe is eyeing the $202.73 support line.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for RenaissanceRe.
Bollinger Bands® shows an indication of recovery: the lower band is at $156.44, a low enough level to, generally, suggest that American Express is trading below its fair value. A convincing break of this target could pave the way for deeper losses.
Technical analysis indicates that American Express (currently on a downtrend) might reverse course and start pointing upward in the short term.
HSBC's notable support and resistance levels: HSBC's run now faces a challenge at $35.38, which is only 20 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Technical analysis trend indicators suggest that HSBC Holdings's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. Analysis based on the asset volatility indicates that HSBC Holdings's upper Bollinger Band® is now at $35.49.
For the time being, HSBC Holdings remains flat without a clear direction.
Fundamental indicators – United States Unemployment Rate beat analyst expectations of 3.6 and the previous reading of 3.6 with new data of 3.5.
