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May 29, 2023
- BlackRock's recent run now faces a challenge at $677.44
- Travelers's upper Bollinger Band® is at $187.43 which indicates a further downward move may follow.
BlackRock chart analysis: BlackRock's recent run now faces a major challenge as concentrated supply is likely found at $677.44 with price action currently $5.14 away. Trend and momentum analysis indicates that BlackRock's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. BlackRock is alternating around the $668.89 Fibonacci resistance level. According to asset volatility analysis, BlackRock's upper Bollinger Band® is now at $678.87.
Overall, while BlackRock has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Analysis of Pinnacle Financial Partners's recent price action suggests Pinnacle Financial Partners's run now faces a challenge at $50.7, which is only 58 cents away and will be interesting to follow. Trend analysis indicates that around $49.6, Pinnacle Financial Partners can look to establish a new bullish phase beyond its 21 day Simple Moving Average. Friday's price action generated a Japanese candlestick pattern showing Pinnacle Financial Partners price action has formed a "bullish harami" candlestick chart pattern. Price action overcame a known Fibonacci resistance level at $50.2 by around 8 cents with prices hammering out a $48.54 – $50.2 session range. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $52.15, thereby suggesting that Pinnacle Financial Partners is becoming overvalued.
For the time being, Pinnacle Financial Partners remains flat without a clear direction.
Chart analysis suggests Banco Santander, S.A.'s run now faces a challenge at $3.42, which is only 2 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 around $3.4, Banco Santander, S.A. can look to establish a new bullish phase beyond its 10 day Simple Moving Average. Analysis based on the asset volatility indicates that Banco Santander, S.A.'s upper Bollinger Band® is now at $3.49.
Notwithstanding Banco Santander, S.A.'s appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Trend-focused traders would be interested to note that Travelers's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. Travelers bounced 56.88 cents away from Fibonacci support at $171.72. Analysis based on the asset volatility indicates that Travelers's lower Bollinger Band® is at $172.89. Technical analysis shows that Travelers's bearish trend is facing a possible turning point at $171.12, which is only $1.17 away. Will be interesting to follow.
For the time being, Travelers remains flat without a clear direction.
Upcoming fundamentals: United States Consumer Confidence projected to come out at 99 — worse than previous data of 101.3; data will be released tomorrow at 14:00 UTC.
