Ichimoku Watch: Strong Upside Breakout for Dell
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- May 16, 2024
Dell Technologies Inc. (ticker: DELL) jumped more than +11.0% higher on Wednesday, cementing a fresh record high for the stock at $150.28 and closing with a market cap of over US$100 billion. Behind the push higher was Morgan Stanley reiterating its buy rating on the stock, increasing its price target to $152.00, citing that this
READ MOREYour weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Short-Term Resistance Calling for Attention on USD/JPY H1 Timeframe – Since topping at ¥156.77 on 14 May, short-term price action on the H1 chart for the USD/JPY has exhibited
READ MOREAccording to the Bureau of Labor Statistics (BLS), US CPI inflation came in as expected and exhibited a deceleration in consumer price inflation for both headline and core numbers year-on-year. We also saw a miss in US retail sales data – MoM: 0.0% versus 0.4% expected – which added to the dovish market reaction. Year
READ MOREAhead of today’s US CPI release, the US Dollar Index is hovering just north of major support coming in at 104.78, and is seen testing the grip of channel support, extended from the low of 105.21. These are important barriers to monitor. Inflation Expected to Slow A broad miss in the data today will likely
READ MOREUpcoming Earnings Release: NVIDIA Corporation (ticker: NVDA) is scheduled to report earnings on 22 May. The consensus EPS estimate for the fiscal quarter is $5.15. The reported EPS for the same quarter a year prior was $0.88. Bulls In Control From the Ichimoku Indicator, you will see that the Leading Span A crossed below Leading
READ MOREShort-term price action (H1) on the USD/JPY is currently worthy of the watchlist. The pair has ended in the green six times out of the last seven trading days, assuming today ends positively. We have also recently witnessed the unit break above resistance at ¥156.28 and retest this level as support and test the mettle
READ MOREUpcoming Earnings Release: Alibaba (ticker: BABA) is scheduled to report earnings today before the market opens. The consensus EPS estimate for the fiscal quarter ending March 2024 is $0.92. The reported EPS for the same quarter a year prior was $1.15. Bullish Breakout Suggests an Uptrend The first and probably most obvious observation on the
READ MOREFirst out of the gate tomorrow, UK employment numbers and wage data will be seen at 6:00 am GMT. Employment and unemployment metrics are still considered unstable data in light of the survey issues. Therefore, attention will be firmly on wage numbers. Deceleration in Wages Despite CPI inflation slowing and on course to reach the
READ MOREUpcoming Earnings Release: Baidu, Inc. ADS (ticker: BIDU) is scheduled to report earnings on 16 May before the market opens. The consensus EPS estimate for the fiscal quarter ending March 2024 is $1.90. The reported EPS for the same quarter a year prior was $1.81. Bulls Starting to Show Ahead of Earnings There is some
READ MOREXJO WEEKLY Price structure: Consolidation Last week a higher low and higher high has moved off the 7632 all-time high-level set in August 2021. The index has now remained at or around this level for the past 20 weeks. The rising wedge pattern broke to the low side with the impulsive move, the current rally
READ MOREControl changed hands in the gold space (XAU/USD) last week; buyers strengthened their grip, adding +2.5% and snapping a two-week losing streak a whisker off all-time highs of $2,431. Technicals Favouring Buyers Last week’s move was (technically) aided by support on the daily timeframe coming in from $2,280, a level which the Research Team were
READ MORESterling ended the week a touch lower versus the US dollar, down -0.2% and snapping a two-week bullish phase. As we enter the second full week of May, the GBP/USD currency pair will be monitored closely ahead of Tuesday’s employment and wage data out of the UK, with technical studies indicating a bearish move could
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