Gamestop price resumes its decline - Forecast today - 08-04-2024
Gamestop Corporation’s stock price (GME) returned lower in the intraday levels and confirmed the breach of the pivotal support of $11.90, amid the dominance of the main downward trend in the medium term, with negative pressure because of trading below the 50-day SMA, combined with negative signals from the RSI despite reaching oversold levels.
Therefore we expect more losses for the stock, targeting the support of $9.00, provided the stock settles firmly below $11.90.
Trend forecast: Bearish
Nike price readies to pierce pivotal support - Forecast today - 08-04-2024
Nike’s stock price (NKE) declined in the intraday levels amid the dominance of the main downward trend in the medium term, while trading alongside the secondary trend line in the short term.
The stock is facing negative pressure by trading below the 50-day SMA, with negative signals from the RSI despite reaching oversold levels, as the stock thus prepares to pierce the pivotal support of $88.66.
Therefore we expect more losses for the stock, especially if the support of $88.66 was firmly breached, thus targeting the next one at $79.25.
Trend forecast: Bearish
Brent oil price forecast update 08-04-2024
Brent Oil Price Analysis
Expected Scenario
- Brent oil price decline stopped at 89.15$ level, as the EMA50 formed good support that forces the price to rebound bullishly now, to hint heading to resume the main bullish wave without the need to visit the bullish channel’s support line as we mentioned this morning.
- We expect to witness more rise in the upcoming sessions, and the targets begin at 92.05$ and extend to 92.75$, noting that breaking 89.90$ will stop the bullish trend and push the price to turn to decline.
Expected Trading Range
Between 89.50$ support and 92.50$ resistance.
Trend Forecast: Bullish
Crude oil price forecast update 08-04-2024
Crude Oil Price Analysis
Expected Scenario
- Crude oil price tested the bullish channel’s support line and begins to rebound upwards clearly now, to head towards resuming the bullish trend within this channel, on its way to achieve gains that start by targeting 89.40$ areas.
- RSI shows positive signals that support the expected rise, while the EMA50 keeps carrying the price from below to reinforce the positive overview, reminding you that the continuation of the bullish trend requires holding above 85.30$.
Expected Trading Range
Between 85.00$ support and 88.00$ resistance.
Trend Forecast: Bullish