S&P Global builds bearish momentum towards key support at $358.62

Price action honing in on likely support at $358.62
S&P Global's upper Bollinger Band® is at $366.92 which indicates a further downward move may follow.

During an 8 day uptrend, S&P Global gained a total of $13.97, or 3.62%. Bucking the trend and turning lower, the ratings, benchmarks, analytics and data provider slides down from $361.48 to $360.08, losing $1.4 (0.39%).

The stock has been trending positively for about 2 months. Having set a significant low of $286.62 7 months ago, the ratings, benchmarks, analytics and data provider is trading 26.12% higher.

S&P Global made an initial break below its 5 day Simple Moving Average at $359.71, a possible indication of a forthcoming negative trend. S&P Global's upper Bollinger Band® is at $366.92 which indicates a further downward move may follow. In contrast, S&P Global could begin to recover as it approaches significant support, now $1.47 away from $358.62. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts S&P Global to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the financial analytics company is expected to attract significant bearish sentiment in the coming days.

Fundamental indicators – United States Retail Sales released earlier showed a marked improvement to 0.4% from the preceding data of -0.7%, but fell short of the 0.8% figure forecast by a consensus of market analysts.

S&P Global's stock value drop coincides with Royal Bank Of Canada is trading around $95.72 (down 1.54%). After closing the previous session (yesterday) at $232.81, Visa Inc. lost $3 and is trading around $229.8. After closing the previous session (yesterday) at $38.44, HSBC Holdings lost 48.5 cents and is trading around $37.95.

Upcoming fundamentals: United States Crude Oil Inventories expected to decline to -1.3 million while its preceding data was 2.95 million, data will be available tomorrow at 14:30 UTC.