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April 29, 2023
- S&P Global could slow down as it approaches resistance at $365.35
- The lower Bollinger Band® is currently at $335.5 while the higher band is at $361.4
S&P Global has posted further gains as part of a 3 day trend that has already seen the stock gain $15.51. Yesterday's session pointed in the same direction — the financial analytics company gained 1.97% and stayed at $362.58 levels.
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 24.06% since.
Technical analysis of S&P Global's past price action reveals multiple support and resistance levels: S&P Global is $2.77 away from testing key resistance at $365.35. Peaking above this level could inspire market bulls and open the path to further gains. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $361.4, thereby suggesting that S&P Global is becoming overvalued.
Overall, while S&P Global has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3.
A look at other financials stocks also showed bullish price action as The Blackstone Group Inc. traded at $89.33 after closing yesterday's trading day at $86.32 (up 3.49%). Visa Inc. traded at $232.73 after closing yesterday's trading day at $229 (up 1.62%). Mastercard was up 1.7%.
