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May 20, 2023
- Price action retreats $4.87 after testing resistance around $370.29
- Upper Bollinger Band® currently at $370.61
S&P Global has posted further gains as part of a 12 day trend that has already seen the stock gain $16.29. Yesterday's session pointed in the same direction — after closing at $363.8 on Thursday, S&P Global maintained a strong bullish bias that helped the stock close higher at $365.42 yesterday. However, market bears ensured the the financial analytics company topped out at $370.78 and that by the end of the session, the market had marked out a distinct $361.53 to $370.78 range.
The stock has been trending positively for about 2 months. S&P Global hit a significant low of $286.62 around 7 months ago, but has since recovered 26.93%.
Chart analysis indicates after reaching the known resistance zone beginning at $370.29, S&P Global price action retreated approximately $4.87. Trend-focused traders would be interested to note that investors are seeking long positions as S&P Global price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $370.61, thereby suggesting that S&P Global is becoming overvalued.
Notwithstanding S&P Global's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600.
S&P Global went up yesterday, yet these financials stocks did not follow — Morgan Stanley went down to $82.24, losing 2.66% after it closed at $84.49 yesterday. Mastercard went down to $385.57, losing 1.65% after it closed at $392 yesterday. Bank of America slumps 1.26% yesterday to close at $28.47.
