The GBPUSD touches the target - Analysis - 24-05-2022
The GBPUSD pair managed to touch our waited target at 1.2590 and faces solid resistance there, noticing that stochastic begins to get rid of its negative momentum, to support the chances of resuming the positive trades and attempt to surpass the mentioned level to open the way to rally towards the next positive target that reaches 1.2725.
Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that failing to breach 1.2590 will force the price to rebound bearishly and visit 1.2420 areas initially.
The expected trading range for today is between 1.2500 support and 1.2650 resistance.
The expected trend for today: Bullish
The EURUSD hits the target – Analysis - 24-05-2022
The EURUSD pair succeeded to achieve our waited target at 1.0670, noticing that the price breached this level and closed the daily candlestick above it, to support the chances of extending the correctional bullish wave and pave the way to head towards 1.0770 as a next main station.
Therefore, the bullish trend scenario will remain active for the upcoming period, taking into consideration that failing to consolidate above 1.0670 will press on the price to decline and head towards testing 1.0550 areas mainly before determining the next destination clearly.
The expected trading range for today is between 1.0600 support and 1.0760 resistance.
The expected trend for today: Bullish
Broadcom trims losses - Analysis - 23-05-2022
Broadcom's stock declined to a session-low at 512.44, bouncing higher after leaning on the support of 513.70, lending it positive momentum, and shaving some losses to 0.55%, or 3.02 points, and settling at 543.19, with trading volumes surpassing 4 million shares, above 10-day averages of 2.8 million shares.
The downward correctional short-term trend continues to dominate, amid negative pressure from the 50-day SMA, coupled with negative signals from the RSI.
Sources said that Broadcom is conducting talks to acquire cloud services provider VMware Inc in a deal that aims to turn Broadcom into a multi-sector tech company, with negotiations still ongoing.
Broadcom manufactures chips used in products such as cellphones and communication networks, but purchasing VM would give it the ability to reach new client and data bases.
Therefore we expect the stock to decline and target the pivotal support of 513.70, provided the resistance of 593.07 holds on.
Expected trend for today: Bearish
Ross Stores declines after disappointing profits - Analysis - 23-05-2022
Ross Stores' stock declined in the intraday levels, amid the dominance of the main downward trend in the medium and short terms, with negative pressure from the 50-day SMA, amid negative signals from the RSI, piercing the pivotal support of 84.44, with a loss of 22.47% in the last session, or 20.83 points, settling at 71.87, with trading volumes surpassing 34.5 million shares, above 10-day averages of 7.3 million shares.
The decline came after the retailed reported a drop in profits and sales in the first quarter of the year, with the company's stock downgraded by Credit Suisse and Deutsche Bank, and the stock becoming the worst performing on S&P 500 and NASDAQ 100.
Therefore we expect more losses for the stock, targeting the first support at 68.31, provided the resistance of 84.44 holds on.
Expected trend for today: Bearish