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June 10, 2023
- Key support level at $492.13 currently only $5.87 away
- The upper Bollinger Band® of Credit Acceptance is at $514.62.
Despite being in the red so far in the current trading session, Credit Acceptance Corporation peaked above its 3 day Simple Moving Average around $504.32 — typically an early indicator of a new bullish trend beginning to emerge. A convincing break of this target could pave the way for deeper losses. In contrast, price action remains constrained around the key Fibonacci level of $498.48 currently serving as support. If price action breaks below, the next Fib hurdle is $470.67. Credit Acceptance's upper Bollinger Band® is at $514.62 which indicates a further downward move may follow.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Credit Acceptance is set to appreciate despite today's setback.
$62.85 marks the crossover point where PayPal price action falls below its 10 day Simple Moving Average. PayPal's upper Bollinger Band® is at $65.44 which indicates a further downward move may follow. Despite this, PayPal's downtrend might be halted by its support level at $61.7, which is only $1.79 away.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting PayPal to extend its recent losses.
Travelers's recent run now faces a major challenge as concentrated supply is likely found at $176.52 with price action currently 92 cents away. Despite posting gains on yesterday, Travelers slid below its 10 day Simple Moving Average at $173.49 during the last session — an early indicator that a negative trend could be emerging. On the other hand, note that Travelers is hovering above a known Fibonacci resistance level of $174.78.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Travelers is set for a reversal in the coming days.
With regards to technical trend indicators, chart analysis show that KeyCorp made an initial foray below its 50 day Simple Moving Average around $10.76. Bearish sentiment was sufficient to push prices below the known Fib level of $10.71 serving as intraday support. A study of KeyCorp's historical price actions shows a persuasive break of this target could lead to higher losses.
For the time being, KeyCorp remains flat without a clear direction.
Fundamental indicators – United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600.
