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July 01, 2023
- Price action backs away from resistance at $408.66 despite bullish mood
- The lower Bollinger Band® is currently at $374.93 while the higher band is at $403.91
S&P Global has posted further gains as part of a 5 day trend that has already seen the stock gain $8.83. Yesterday's session pointed in the same direction — the financial analytics company went up to $400.89, gaining 1.28%.
The stock has been trending positively for about 3 months. The ratings, benchmarks, analytics and data provider has fallen back around 1.26% over the past a day, from a notable high of $400.89.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. In contrast, Bollinger Band® analysis indicates that current price action is approaching the upper band at $403.91, thereby suggesting that S&P Global is becoming overvalued. Although S&P Global is appreciating today after rising as high as $405.65, price action is now slowing and consolidating around $7.77 below the $408.66 resistance level.
According to technical analysis, it looks as if S&P Global likely to continue pointing upward in the short term.
Fundamental indicators – United States Core PCE Price Index (YoY) (May) released yesterday at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7.
A look at other financials stocks also showed bullish price action as Visa Inc. traded at $237.48 after closing yesterday's trading day at $234.32 (up 1.35%). JP Morgan Chase added 1.4% to its value, and traded at $145.44. Berkshire Hathaway was up 1.21%.
