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May 29, 2023- Price action backs away from resistance at $363.68 despite bullish mood
- Known Fib level $362.86 serving as battleground for bulls and bears
A 5 day downtrend is ongoing for S&P Global. A possible change of direction spotted from Friday; after ending Thursday's session at $358.32, S&P Global went up to $363.6 Friday only to fall back and close at $360.78.
The stock has been trending positively for about 2 months. 7 months ago, the ratings, benchmarks, analytics and data provider fell to a low of $286.62 but has since recovered 25%.
Trend analysis indicates that S&P Global made an initial breakout above its 10 day Simple Moving Average at $361.87, a potential indicator of a newly emerging bullish phase. S&P Global is currently trading around the $362.86 Fibonacci resistance level. According to asset volatility analysis, S&P Global's upper Bollinger Band® is at $369.66, this is a slight indication of a slowdown. Support/Resistance levels obtained from chart analysis indicate that although S&P Global is appreciating today after rising as high as $363.6, price action is now slowing and consolidating around $2.9 below the $363.68 resistance level.
Overall, the technical outlook suggests S&P Global is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in S&P Global's share price coincided with other financials stocks as American Express was up 4.08%. Goldman Sachs was up 2.51%. The Blackstone Group Inc. traded at $85.7 after closing Friday's trading day at $83.53 (up 2.6%).
Upcoming fundamentals: United States Consumer Confidence projected to come out at 99 — worse than previous data of 101.3; data will be released tomorrow at 14:00 UTC.
