- Existing downtrend raises chances of a convincing break of current support target at $42.76
- Wells Fargo's upper Bollinger Band® is at $49.14 which indicates a further downward move may follow.
Technical analysis shows that a convincing break of this target could pave the way for deeper losses.
Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Chart analysis indicates Primerica's run now faces a challenge at $143.1, which is only 62 cents away and will be interesting to follow.
HSBC Holdings made an initial foray below its 5 day Simple Moving Average around $30.57. On the other hand, note that HSBC's bearish trend is facing a possible turning point at $30.19, which is only 18 cents away. Will be interesting to follow.
Despite the market lacking direction, technical chart analysis strongly suggests HSBC Holdings is positioned for a downward move in the near term.
Technical analysis of Wells Fargo's past price action reveals multiple support and resistance levels: Wells Fargo's downtrend might be halted by its support level at $42.76, which is only 64 cents away. Technical analysis trend indicators suggest that Wells Fargo's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. Analysis based on the asset volatility indicates that Wells Fargo's lower Bollinger Band® is at $43.69, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
For the time being, Wells Fargo remains flat without a clear direction.
Fundamental indicators – United States API Weekly Crude Oil Stock came out at -6.43 million, while a consensus of analysts was expecting -3.88 million.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -3.31 million. It previously stood at -12.58 million; data will be released today at 15:30 UTC.