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April 17, 2023
- Price action honing in on likely support at $345.93
- Bollinger analysis indicates upper Band® is at $350.95
While S&P Global is on a 5 day bullish trend, Friday's session put the brakes on the ongoing uptrend — without a clear direction, S&P Global closed at $347.86 while ranging between $346.09 and $350.12.
The stock has been trending positively for about a month. S&P Global hit a significant low of $286.62 around 6 months ago, but has since recovered 21.37%.
S&P Global made an initial break below its 50 day Simple Moving Average at $347.17, a possible indication of a forthcoming negative trend. S&P Global's upper Bollinger Band® is at $350.95, suggesting that a downward move may follow. On the other hand, note that S&P Global is approaching key support, around $1.93 away from $345.93. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
According to technical indicators, S&P Global is positioned for a downward move in the short term.
Meanwhile, mixed performances were seen by other financials stocks as JP Morgan Chase traded at $138.73 after closing Friday's trading day at $129 (up 7.55%). BlackRock was up 3.07%. Bank of America added 3.36% to its value, and traded at $29.52.
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