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April 21, 2023
- Bearish mood sees S&P Global flirting with support target at $349.97
- S&P Global's upper Bollinger Band® is at $355.88 which indicates a further downward move may follow.
During a 9 day uptrend, S&P Global gained a total of $14.08, or 3.9%. Bucking the trend and turning lower, while bearish sentiment is dominating the market, the ratings, benchmarks, analytics and data provider is maintaining its poise around $352.04 while ranging between $350.63 and $354.51 so far today.
The stock has been trending positively for about a month. After hitting an important low of $286.62 approximately 6 months ago, the financial analytics company has bounced back 23.13% since.
S&P Global made an initial break below its 5 day Simple Moving Average at $350.8, a possible indication of a forthcoming negative trend. S&P Global's upper Bollinger Band® is at $355.88 which indicates a further downward move may follow. Despite this, although S&P Global is down today and was as low as $350.63, it seems to be recovering slightly and climbing away from the $349.97 support line and is now $2.06 above it.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for S&P Global.
Fundamental indicators – United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5.
S&P Global's stock value drop coincides with Wells Fargo & Company is down to $41.06, losing 1.45%, after ending yesterday at $41.67. The Blackstone Group Inc. is down to $90.27, losing 1.82%, after ending yesterday at $91.94. After closing the previous session (yesterday) at $35.93, HSBC Holdings lost 34.5 cents and is trading around $35.59.
