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July 04, 2023- Strong bullish sentiment set to meet bearish fightback around key resistance at $43.75, currently 35 cents away
- Upper Bollinger Band® currently at $119.53
Trend-following investors would be interested to note that Wells Fargo & Company's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. Asset volatility analysis shows that Wells Fargo's upper Bollinger Band® is now at $43.57. Technical analysis of Wells Fargo's past price action reveals multiple support and resistance levels: Wells Fargo's recent run now faces a major challenge as concentrated supply is likely found at $43.75 with price action currently 35 cents away.
Overall, while Wells Fargo has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
PayPal's run now faces a challenge at $68.87, which is only 77 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Bollinger Band® analysis indicates that current price action is approaching the upper band at $69.51, thereby suggesting that PayPal is becoming overvalued. Despite this, PayPal is alternating around the $68.16 Fibonacci resistance level.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest PayPal is set for a reversal in the coming days.
A study of American Financial's historical price actions shows American Financial's recent run now faces a major challenge as concentrated supply is likely found at $120.42 with price action currently 95 cents away. Trend-focused traders would be interested to note that American Financial's CCI indicator is above +100. Price action overcame a known Fibonacci resistance level at $118.87 by around 60 cents with prices hammering out a $118.48 – $120.4 session range. Analysis based on the asset volatility indicates that American Financial's upper Bollinger Band® is now at $119.53.
For the time being, American Financial remains flat without a clear direction.
Despite posting gains on yesterday, Credit Acceptance slid below its 3 day Simple Moving Average at $506.66 during the last session — an early indicator that a negative trend could be emerging. Credit Acceptance's upper Bollinger Band® is at $516.06. Credit Acceptance's run now faces a challenge at $516.09, which is only $4.58 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 of Credit Acceptance price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Fundamental indicators – United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2.
Upcoming fundamentals: United States FOMC Meeting Minutes is scheduled for tomorrow at 18:00 UTC.
