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March 08, 2023
- Existing downtrend raises chances of a convincing break of current support target at $38.84
- Synovus Financial Corp.'s upper Bollinger Band® is at $44.73 which indicates a further downward move may follow.
$39.87 marks the crossover point where Synovus Financial Corp. price action falls below its 200 day Simple Moving Average. Synovus Financial Corp. is hovering around the $39.8 Fibonacci support level. On the other hand, note that Synovus Financial Corp.'s downtrend might be halted by its support level at $38.84, which is only 48 cents away. Synovus Financial Corp.'s lower Bollinger Band® is at $39.37.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Synovus Financial Corp..
Analysis of Prudential Financial's recent price action suggests a persuasive break of this target could lead to higher losses. Technical analysis trend indicators suggest that Prudential Financial's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. Prudential Financial is currently flirting with an active Fibonacci support level around $96.94. According to asset volatility analysis, Prudential Financial's lower Bollinger Band® is at $95.03, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
For the time being, Prudential Financial remains flat without a clear direction.
Chart analysis indicates a convincing break of this target could pave the way for deeper losses. Trend and momentum analysis indicates that $129.15 marks the crossover point where Evercore price action falls below its 10 day Simple Moving Average. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $124.92, a low enough level to, generally, suggest that Evercore is trading below its fair value.
For the time being, Evercore remains flat without a clear direction.
MSCI has formed a "Bearish Engulfing” pattern. $542.23 marks the crossover point where MSCI price action falls below its 21 day Simple Moving Average. Price action remains constrained around the key Fibonacci level of $537.5 currently serving as support. If price action breaks below, the next Fib hurdle is $530.2. Despite this, MSCI could begin to recover as it approaches significant support, now $6.31 away from $527.67. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting MSCI to extend its recent losses.
Fundamental indicators – United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3.83 million, while the previous figure was 6.20 million.
Upcoming fundamentals: United States ADP Nonfarm Employment Change (Feb) is scheduled for today at 13:15 UTC.
