- Strong bullish sentiment set to meet bearish fightback around key resistance at $606.78, currently $9.52 away
- The lower Bollinger Band® is currently at $39.14 while the higher band is at $45.59
BlackRock's recent run now faces a major challenge as concentrated supply is likely found at $606.78 with price action currently $9.52 away. Despite posting gains on Friday, BlackRock slid below its 3 day Simple Moving Average at $577.11 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 $606.79, thereby suggesting that BlackRock is becoming overvalued.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates BlackRock is set for a reversal in the coming days.
A study of Wells Fargo's historical price actions shows Wells Fargo's recent run now faces a major challenge as concentrated supply is likely found at $45.28 with price action currently 45 cents away. Trend and momentum analysis indicates that around $43.81, Wells Fargo can look to establish a new bullish phase beyond its 5 day Simple Moving Average. Wells Fargo is hovering above a known Fibonacci resistance level of $44.67. Asset volatility analysis shows that Wells Fargo's upper Bollinger Band® is now at $45.59.
For the time being, Wells Fargo remains flat without a clear direction.
Despite being in the red so far in the current trading session, RenaissanceRe peaked above its 50 day Simple Moving Average around $139.14 — typically an early indicator of a new bullish trend beginning to emerge. RenaissanceRe's downtrend might be halted by its support level at $136.92, which is only $1.88 away.
Technical analysis indicates that RenaissanceRe (currently on a downtrend) might reverse course and start pointing upward in the short term.
Despite being in the red so far in the current trading session, Regions Financial Corp peaked above its 10 day Simple Moving Average around $20.53 — typically an early indicator of a new bullish trend beginning to emerge. Regions Financial Corp's lower Bollinger Band® is now at $19.2. $18.85 is only 67 cents away for Regions Financial Corp and might put a stop to its current downtrend.
Technical analysis indicates that Regions Financial Corp's current downtrend might soon change course and start climbing up in the short term.
Upcoming fundamentals: projections for United States Consumer Confidence are set for a continuation of decline with 106.5 while previous data was 108; data will be released tomorrow at 14:00 UTC.