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May 24, 2023
- Price action honing in on likely support at $352.81
- Price action is currently stuck around the active Fibonacci support level of $357
Having fallen $10.16 in 3 days, Today's session continued down the same path: the financial analytics company dropped 1.65% early on and traded close to the $356.2 level.
The stock has been trending positively for about 2 months. S&P Global hit a significant low of $286.62 around 7 months ago, but has since recovered 26.37%.
Concerning technical analysis and more specifically, trend indicators, S&P Global made an initial break below its 21 day Simple Moving Average at $357.66, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $357 currently serving as support. If price action breaks below, the next Fib hurdle is $353.37. According to asset volatility analysis, S&P Global's lower Bollinger Band® is at $348.26, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Support/Resistance levels obtained from chart analysis indicate that S&P Global could begin to recover as it approaches significant support, now $3.39 away from $352.81. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests S&P Global is likely to remain muted for the immediate future, with no clear-cut direction.
Fundamental indicators – United States Crude Oil Inventories fell short of the -920,000 projections, with new data of -12.46 million.
S&P Global was not the only decliner in the financials sector; Royal Bank Of Canada falls 2.4% today to close at $93.34. HSBC Holdings drops 2.52% today to close at $38.16. Morgan Stanley closed at $81.22 (down 1.72%).
Upcoming fundamentals: United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released tomorrow at 14:00 UTC.
