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June 17, 2023
- Shinhan Financial bearish trend is facing a possible turning point at $27.19
- The lower Bollinger Band® is currently at $36.86 while the higher band is at $39.4
Shinhan Financial Group Co., Ltd. has formed a "bearish harami” pattern. $27.41 marks the crossover point where Shinhan Financial price action falls below its 10 day Simple Moving Average. Shinhan Financial's upper Bollinger Band® is at $28. In contrast, bearish run for Shinhan Financial is facing a possible turning point at $27.19, which is only 14 cents away. If this support line fails to hold, the next target will be at $27.05.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Shinhan Financial to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the investment banking and insurance firm is expected to attract significant bearish sentiment in the coming days.
A study of HSBC Holdings's chart reveals various key levels to watch: HSBC's run now faces a challenge at $39.32, which is only 14 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Trend analysis indicates that HSBC Holdings's CCI indicator is above +100. Asset volatility analysis shows that HSBC Holdings's upper Bollinger Band® is at $39.4.
Notwithstanding HSBC Holdings's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
American Financial's recent run now faces a major challenge as concentrated supply is likely found at $117.08 with price action currently 69 cents away. Despite posting gains on yesterday, American Financial slid below its 21 day Simple Moving Average at $115.43 during the last session — an early indicator that a negative trend could be emerging. American Financial's upper Bollinger Band® is now at $118.33.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates American Financial is set for a reversal in the coming days.
Concerning technical analysis and more specifically, trend indicators, around $54.82, AXIS Capital can look to establish a new bullish phase beyond its 50 day Simple Moving Average. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $55.95, thereby suggesting that AXIS Capital is becoming overvalued. Technical analysis of AXIS Capital's past price action reveals multiple support and resistance levels: AXIS Capital's run now faces a challenge at $55.22, which is only 28 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
For the time being, AXIS Capital remains flat without a clear direction.
Fundamental indicators – United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 15,700, while the previous figure was 8,800.
