Manchester United (MANU) stock deepened its losses in its latest intraday trading, confirming with its last close a break below the key support level of 16.67. Ongoing negative pressure continues from trading below its previous 50-day SMA, which has acted as dynamic resistance preventing recovery. In addition, negative signals have started to appear in the Stochastic indicators, after the stock had earlier unwound its oversold levels, giving it more room to record further losses.
Therefore, we expect the stock to decline in its upcoming trading, especially as long as it remains stable below 16.67, to then target its next support level at 14.75.
Today’s price forecast: Bearish.
The price of (ETHUSD) rose in its last intraday trading, after its success in offloading its overbought conditions on the (RSI), amid its affection by technical positive formation on the short-term basis, represented by the falling wedge pattern, that appears on the bearish correctional wave, which increases the chances for the price recovery on the near-term basis, especially when breaching the current resistance levels.
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The price of (BTCUSD) rose in its last intraday trading, affected by its lean on the support of its EMA50, gaining positive momentum that stopped its early strong losses, to recover and rise again, amid its affection by breaching a main bearish trend line on the short-term basis, putting it under the dominance of bullish correctional wave, besides the (RSI) reaching the oversold levels, adding more of the bullish momentum on the near-term basis.
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The price of (Brent) witnessed fluctuated trading in its last intraday levels, as it reached our morning suggested target at $66.40, and the stability of this support made the price gain some of the positive momentum that helped it to bounce higher, with the emergence of the positive signals on the (RSI), attempting to offload some of this oversold levels, affected by the dynamic resistance that is represented by its trading below EMA50, with its exit from bullish correctional channel’s range on the short-term basis.
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