- The S&P Global price slipped from the highs after a poor financial report.
- The SPGI stock price is trading below the 50-day and 200-day Exponential Moving Averages.
- S&P Global’s net income has declined on a YOY basis in the last 4 quarters.
The current market price of S&P Global Stock is $364.06. The S&P Global stock is trading below the high created by the stock in 2021. This stock started a downtrend at the beginning of the year 2022. The stock price has declined by over 40% in a year. This fall was triggered after the company posted a huge net debt. The net debt has increased to a record level of $10.35 Billion.
The company’s revenue and net income have shown a dull growth, which also affected the stock price. However, the selling was halted near the price of $280. This level proved to be a point of reversal for the stock price. The S&P Global stock price has reversed the trend, as the price has formed a higher high and higher low pattern. This bullish structure is still intact as the price has yet to close below the previous swing low.
On a broader time frame, SPGI stock is in a strong bullish trend. In the longer time frame, i.e. 1-month chart, the price is yet to change the bullish structure. However, the company posted a net loss (YOY) in the last 4 quarters, which is not good for the company.
An Overview of the S&P Global Stock Chart
SPGI stock price has given a breakdown from the rising trendline, marked as yellow on the chart. The stock price is currently sustaining below that trendline, which indicates that the bears have taken control of the price. The stock price has formed a strong bearish candle while breaking the trendline. It indicates that the sellers are aggressive.
The SPGI stock has faced a strong rejection near the levels of $418 and $428. These levels acted as resistance to the price in 2022. That indicates that this level is very crucial for the buyers. Other resistance levels are present at $472 and $476. If we consider the support levels of the stock, they are present at $325 and $278.
What Do Indicators Reveal About the Stock Price?
Exponential Moving Averages
The stock price is trading below the 50-day and 200-day Exponential Moving Averages (EMAs). The EMAs are showing that the stock price is currently bearish. The EMAs are soon going to witness a death crossover.
Relative Strength Index
The RSI is currently placed below the 50-line, which indicates that the sellers have a strong momentum. However, the slope of the RSI is rising, which is good for the bulls. The RSI has shown a divergence with the price, which is also good for bulls.
Conclusion
The SPGI stock price is facing some major hurdles to go up. After posting a poor financial report, the stock has seen strong selling pressure. The stock has also broken the trendline, which is also a bearish sign. If the company can post a positive financial report, then we can see some good upward movement. The stock price can take support from the levels of $325 and $278. If we consider the resistance levels, they are present at $418 and $472.
Technical Level
Resistance – $418 and $472
Support – $325 and $278
Disclaimer
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