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June 19, 2023- Price action honing in on likely support at $392.5
- S&P Global's upper Bollinger Band® is at $403.23 which indicates a further downward move may follow.
Though in the midst of a 17 day uptrend, gaining a total of 10.95%, ($43.78), Friday's session suggests run might be coming to an end — despite the risk-off mood, S&P Global was range-bound between $395 to $402.92 and settled at $395.21.
The stock has been trending positively for about 3 months. The past 3 months have been positive for the ratings, benchmarks, analytics and data provider as it added 17.9% compared to its 3-month low of $286.62.
Technical analysis shows that S&P Global could begin to recover as it approaches significant support, now $2.71 away from $392.5. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates S&P Global is currently 'overbought' which suggests new gains will be harder to obtain. Analysis based on the asset volatility indicates that S&P Global's upper Bollinger Band® is at $403.23 which indicates a further downward move may follow.
Overall, while S&P Global has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
S&P Global was not the only decliner in the financials sector; The Blackstone Group Inc. closed at $91.13 (down 1.64%).
On the other hand, positive performances could be seen by looking at other financials stocks as HDFC Bank Limited was up 2.86%. Visa Inc. traded at $228.91 after closing Friday's trading day at $226.17 (up 1.21%).
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