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June 27, 2023- S&P Global is eyeing $385.51 as its nearest support level
- Although down today, S&P Global rose above its 10 day Simple Moving Average around earlier in the session
S&P Global's downtrend has seen it decline 3.24% in 7 days More of the same from yesterday's session: an influx of sellers pushed the ratings, benchmarks, analytics and data provider to session lows around $386.93 while establishing a $386.93 to $391.35 session range yesterday.
The stock has been trending positively for about 3 months. The financial analytics company reached a significant high of $400 around 12 days ago but has lost 2.41% since then.
Despite being in the red so far in the current trading session, S&P Global peaked above its 10 day Simple Moving Average around $390.77 — typically an early indicator of a new bullish trend beginning to emerge. S&P Global could begin to recover as it approaches significant support, now $1.5 away from $385.51. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems S&P Global —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Fundamental indicators – United States 2-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.
S&P Global was not the only decliner in the financials sector; Visa Inc. went down 1.42%, closed at $229.55.
On the other hand, positive performances could be seen by looking at other financials stocks as Royal Bank Of Canada was up 1.33%. Bank of America traded at $28.09 after closing yesterday's trading day at $27.75 (up 1.23%).
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million. It previously stood at -3.83 million; data will be released tomorrow at 14:30 UTC.
