- Arch Capital's downward trend will be tested at $61.96 as key support
- The lower Bollinger Band® is currently at $128.97 while the higher band is at $135.61
Despite posting gains on yesterday, Lufax Holding Ltd slid below its 21 day Simple Moving Average at $2.04 during the last session — an early indicator that a negative trend could be emerging. Lufax's recent run now faces a major challenge as concentrated supply is likely found at $2.13 with price action currently 5 cents away.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Lufax is set for a reversal in the coming days.
Despite being in the red so far in the current trading session, Arch Capital peaked above its 10 day Simple Moving Average around $62.55 — typically an early indicator of a new bullish trend beginning to emerge. A convincing break of this target could pave the way for deeper losses.
Technical analysis indicates that Arch Capital (currently on a downtrend) might reverse course and start pointing upward in the short term.
Chart analysis suggests JP Morgan Chase's run now faces a challenge at $136.61, which is only $1.49 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Trend-following investors would be interested to note that JP Morgan Chase's CCI indicator is above +100. According to asset volatility analysis, JP Morgan Chase's upper Bollinger Band® is at $135.61.
For the time being, JP Morgan Chase remains flat without a clear direction.
CNA Financial's run now faces a challenge at $42.67, which is only 29 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Despite posting gains on yesterday, CNA Financial slid below its 50 day Simple Moving Average at $41.6 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $42.69, thereby suggesting that CNA Financial is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest CNA Financial is set for a reversal in the coming days.
Fundamental indicators – United States Manufacturing PMI came out at 46.2, while a consensus of analysts was expecting 46.2.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with 2.23 million. It previously stood at 718,000; data will be released tomorrow at 16:00 UTC.