- Buoyed by a strong session amid an uptrend, Bank of America is 17 cents away from testing key resistance at $34.55
- The lower Bollinger Band® is currently at $18 while the higher band is at $19.23
Bank of America's recent run now faces a major challenge as concentrated supply is likely found at $34.55 with price action currently 17 cents away. Despite posting gains on yesterday, Bank of America slid below its 5 day Simple Moving Average at $34.13 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 $34.93, thereby suggesting that Bank of America is becoming overvalued.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Bank of America is set for a reversal in the coming days.
Trend-focused traders would be interested to note that Mastercard's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates Mastercard is in an overbought condition. Asset volatility analysis shows that Mastercard's upper Bollinger Band® is now at $377.84. Mastercard chart analysis: Mastercard's run now faces a challenge at $380.1, which is only $2.24 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
For the time being, Mastercard remains flat without a clear direction.
Around $19.3, Ares Capital can look to establish a new bullish phase beyond its 200 day Simple Moving Average. Ares Capital is alternating around the $18.97 Fibonacci resistance level. Despite this, Ares Capital's recent run now faces a major challenge as concentrated supply is likely found at $19.48 with price action currently 16 cents away. Ares Capital's upper Bollinger Band® is at $19.23.
Overall, looking at the technical analysis landscape, it seems Ares Capital likely to continue pointing upward in the short term.
With regards to technical trend indicators, chart analysis show that JP Morgan Chase's CCI indicator is above +100. Analysis based on the asset volatility indicates that JP Morgan Chase's upper Bollinger Band® is now at $140.51. A study of JP Morgan Chase's chart reveals various key levels to watch: JP Morgan Chase's run now faces a challenge at $140.22, which is only 59 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Notwithstanding JP Morgan Chase's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – United States Crude Oil Inventories came out at 18.96 million, better than analyst estimates of -2.24 million and improving upon the previous reading of 1.69 million.
Upcoming fundamentals: United States Consumer Price Index is expected today at 13:30 UTC.