- Next support is currently $1.7 away at $350.02
- S&P Global's upper Bollinger Band® is at $356.23 which indicates a further downward move may follow.
Though in the midst of a 10 day uptrend, gaining a total of 3.8%, ($14.08), Yesterday's session suggests run might be coming to an end — despite the risk-off mood, S&P Global was range-bound between $350.57 to $354.51 and settled at $351.72.
The stock has been trending positively for about a month. S&P Global hit a significant low of $286.62 around 6 months ago, but has since recovered 23.13%.
S&P Global made an initial break below its 5 day Simple Moving Average at $350.8, a possible indication of a forthcoming negative trend. S&P Global's upper Bollinger Band® is at $356.23 which indicates a further downward move may follow. In contrast, S&P Global could begin to recover as it approaches significant support, now $1.7 away from $350.02. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for S&P Global.
Fundamental indicators – United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5.
S&P Global was not the only decliner in the financials sector; The Blackstone Group Inc. closed at $89.45 (down 2.71%). BlackRock went down to $680.94, losing 2.22% after it closed at $696.38 yesterday.
On the other hand, positive performances could be seen by looking at other financials stocks as HDFC Bank Limited added 1.5% to its value, and traded at $70.89.
