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April 22, 2023
- Northern Trust bearish trend is facing a possible turning point at $84.58
- Northern Trust's upper Bollinger Band® is at $89.78 which indicates a further downward move may follow.
$189.48 marks the crossover point where CME Group price action falls below its 21 day Simple Moving Average. CME Group is hovering around the $189.19 Fibonacci support level. CME Group's upper Bollinger Band® at $195.66, suggesting a further decline is forthcoming. Despite this, a persuasive break of this target could lead to higher losses.
In the short term, CME Group is expected to maintain its recent downtrend and continue spiralling lower.
$50.92 is only 63 cents away for AIG and might put a stop to its current downtrend. Around $51.77, AIG can look to establish a new bullish phase beyond its 10 day Simple Moving Average.
Technical analysis indicates that AIG (currently on a downtrend) might reverse course and start pointing upward in the short term.
Concerning technical analysis and more specifically, trend indicators, Northern Trust's bullish momentum is stalling and could turn negative in the short-term after the MACD crossed below its signal line — typically considered to be an early indicator of forthcoming bearish momentum. Analysis based on the asset volatility indicates that the lower Bollinger Band® of Northern Trust is at $84.19. Visual analysis of Northern Trust's chart shows that a convincing break of this target could pave the way for deeper losses.
For the time being, Northern Trust remains flat without a clear direction.
A persuasive break of this target could lead to higher losses. Despite being in the red so far in the current trading session, HSBC peaked above its 10 day Simple Moving Average around $35.61 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems HSBC Holdings —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Fundamental indicators – United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5.
