- Wells Fargo's recent run now faces a challenge at $45.86
- The lower Bollinger Band® is currently at $59.18 while the higher band is at $72.13
Trend and momentum analysis indicates that Wells Fargo & Company's CCI indicator is above +100. According to asset volatility analysis, Wells Fargo's upper Bollinger Band® is now at $46.31. Technical analysis shows that Wells Fargo's recent run now faces a major challenge as concentrated supply is likely found at $45.86 with price action currently 49 cents away.
Notwithstanding Wells Fargo's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Around $71.31, Ares Management can look to establish a new bullish phase beyond its 200 day Simple Moving Average. Ares Management is alternating around the $71.29 Fibonacci resistance level. In contrast, Bollinger Band® analysis indicates that current price action is approaching the upper band at $72.13, thereby suggesting that Ares Management is becoming overvalued. Ares Management's run now faces a challenge at $72.67, which is only 80 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
According to technical analysis, it looks as if Ares Management likely to continue pointing upward in the short term.
Despite posting gains on yesterday, Hanover Insurance Group slid below its 50 day Simple Moving Average at $133.89 during the last session — an early indicator that a negative trend could be emerging. Hanover Insurance Group's run now faces a challenge at $137.5, which is only $1 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow. Despite this, price action overcame a known Fibonacci resistance level at $135.67 by around 83.384 cents with prices hammering out a $133.74 – $136.66 session range.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Hanover Insurance Group is set for a reversal in the coming days.
American Express's recent run now faces a major challenge as concentrated supply is likely found at $148.87 with price action currently $1.85 away. American Express's upper Bollinger Band® is at $148.33. On the other hand, note that American Express is hovering above a known Fibonacci resistance level of $147.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates American Express is set for a reversal in the coming days.
Fundamental indicators – United States Consumer Confidence published yesterday at 14:00 UTC came out at 102.5, falling short of the 106.5 projections and continuing its decline from the previous 107.8 figure.
Upcoming fundamentals: United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released tomorrow at 12:30 UTC.