- Nearest support line of $359.6 is only $6.78 away
- S&P Global explored above its 10 day Simple Moving Average around $365.18, a potential early indicator of a new bullish phase to come
Though in the midst of a 4 day uptrend, gaining a total of 1.45%, ($6.59), Yesterday's session suggests run might be coming to an end — after closing the previous trading day at $367.72 and dropping to $360.41, the financial analytics company closed yesterday at $366.38. By the end of the session, S&P Global gave up a total of 0.36%.
This year has been a bright one for the ratings, benchmarks, analytics and data provider after trading as low as $286.62 and going on to appreciate by 9.71% year to date.
S&P Global could begin to recover as it approaches significant support, now $6.78 away from $359.6. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, S&P Global peaked above its 10 day Simple Moving Average around $365.18 — typically an early indicator of a new bullish trend beginning to emerge. In contrast, a "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term.
Despite suffering losses in today's session, technical analysis is indicating that S&P Global will undergo a significant bounce in the immediate term.
Fundamental indicators – data from United States concerning Crude Oil Inventories was released yesterday at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 8.41 million to 533,000 this month.
S&P Global was not the only decliner in the financials sector; HDFC Bank Limited lost 6.31% yesterday and closed at $66.93.
On the other hand, positive performances could be seen by looking at other financials stocks as Wells Fargo & Company gained 2%, as it traded at $45.34. HSBC Holdings was up 1.06%.
Upcoming fundamentals: United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 0.1%; data will be released today at 13:30 UTC.