- Telefonica's recent run now faces a challenge at $3.27
- Market bulls strengthened by lower Bollinger band currently at $160.4
Around $3.25, Telefónica, S.A. can look to establish a new bullish phase beyond its 10 day Simple Moving Average. Despite this, Telefonica's run now faces a challenge at $3.27, which is only 1 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Overall, looking at the technical analysis landscape, it seems Telefonica might continue pointing upwards in the short term.
In contrast, Boeing's recent run now faces a major challenge as concentrated supply is likely found at $137.83 with price action currently $1.74 away.
Johnson & Johnson's run now faces a challenge at $167.53, which is only 94 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Bollinger band analysis indicates that current price action is approaching the upper band at $168.17, thereby suggesting that Johnson & Johnson is becoming overvalued. On the other hand, note that Johnson & Johnson is hovering above a known Fibonacci resistance level of $166.27.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Johnson & Johnson is set for a reversal in the coming days.
Fundamental indicators – United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Upcoming fundamentals: United States Crude Oil Inventories projected to decline to 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.