- Frost Bank is trading at $136.35; its target level is $134.51
- Bollinger analysis indicates upper Band® is at $137.85
CME Group made an initial foray below its 50 day Simple Moving Average around $174.23. Bearish sentiment was sufficient to push prices below the known Fib level of $173.66 serving as intraday support. On the other hand, note that a convincing break of this target could pave the way for deeper losses.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting CME Group to extend its recent losses.
Frost Bank chart analysis: after reaching the $134.51 support zone, Frost Bank reversed direction and climbed $1.84 higher. Trend-following investors would be interested to note that Frost Bank's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. Frost Bank bounced $2.1 away from Fibonacci support at $134.25. Asset volatility analysis shows that the upper Bollinger Band® of Frost Bank is at $137.85.
For the time being, Frost Bank remains flat without a clear direction.
Around $138.26, JP Morgan Chase can look to establish a new bullish phase beyond its 10 day Simple Moving Average. In contrast, JP Morgan Chase's run now faces a challenge at $140.83, which is only $2.38 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Overall, looking at the technical analysis landscape, it seems JP Morgan Chase might continue pointing upwards in the short term.
Chart analysis suggests American Express's recent run now faces a major challenge as concentrated supply is likely found at $157.09 with price action currently $1.76 away. Concerning technical analysis and more specifically, trend indicators, around $154.09, American Express can look to establish a new bullish phase beyond its 200 day Simple Moving Average. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $157.76, thereby suggesting that American Express is becoming overvalued.
Overall, while American Express has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – United States API Weekly Crude Oil Stock came out at 3.38 million, while a consensus of analysts was expecting 1.6 million.
Upcoming fundamentals: United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available tomorrow at 13:30 UTC.