After the collapse of SVB and SBNY last week the market was down 6 from the past 7 trading days, but in Thursday it shot up by 1.4%, which might be an indicator that the markets had absorbed the news of potential bank crisis and might get to short recovery. The confidence in the banking industry is slowly returning after report in Wall Street Journal that JPM and MS are considering cash infusion from First Republic, supplemented with the news that CS will receive a credit line of 54 billion USD from Swiss national Bank.
DJIA Index had formed a bullish engulfing pattern in Thursday, which might indicate a recovery in the next couple of days.
MACD and RSI indicators are still in the "Sell" area, but are showing a slow down of the momentum.
If the current recovery continues we might see the price of the instrument reaching levels of 32966 in Friday. In the opposite scenario the price might revert to 31289.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
DJIA Index had formed a bullish engulfing pattern in Thursday, which might indicate a recovery in the next couple of days.
MACD and RSI indicators are still in the "Sell" area, but are showing a slow down of the momentum.
If the current recovery continues we might see the price of the instrument reaching levels of 32966 in Friday. In the opposite scenario the price might revert to 31289.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.