Marvel Technology's trading volumes spike - Analysis - 31-05-2022
Marvel Technology's stock (MRVL) surged in the intraday levels after the support of 51.66 held on, with a spike in trading volumes to 22.1 million shares above 10-day averages of 11.8 million shares, with the stock marking a profit of 6.72%, or 3.83 points, and settling at 60.82, with positive signals from the RSI, while trading alongside the downward correctional short-term trend line, with negative pressure from the 50-day SMA.
The company reported strong profits and higher forecasts for yearly results, with first quarter profits of 52 cents per share, beating estimates of 51 cents.
Therefore we expect the stock to return lower and target the support of 51.66 anew, provided the resistance of 63.11 holds on.
Expected trend for today: Bearish
Didi tests downward trend line - Analysis - 31-05-2022
Didi's stock rose 8.65% in the last session, or 16 cents, settling thereafter at 2.01, with trading volumes surpassing 56.1 million shares, above 10-day averages of 52.2 million.
China FAW recently contacted DIDI CEO about the prospects of becoming a major shareholder, and support Didi in fixing data security issues, paving the way for listing in Hong Kong.
Technically, the stock is trying to recoup some past losses, amid positive signals from the RSI after reaching overbought levels, retesting the resistance of the main downward short-term trend line, with negative pressure from the 50-day SMA.
Therefore we expect the stock to return lower, targeting the support of 0.90, provided it settles back below 1.75.
Expected trend for today: Bearish
Midday update for Sugar price 31-05-2022
Sugar price rallied upwards by today’s open to breach 19.72 and settles above it, to head towards recovering and attempting to regain the main bullish trend again, making the bullish bias suggested for the rest of the day, targeting 20.00 followed by 20.63 levels as next main stations, taking into consideration that breaking 19.72 and holding below it again will reactivate the negative scenario.
The expected trading range for today is between 19.60 support and 20.10 resistance
The expected trend for today: Bullish for the rest of the day
Midday update for Brent oil 31-05-2022
Brent oil price shows new positive trades to succeed breaching 119.00 level, which supports the continuation of our bullish overview efficiently in the upcoming sessions, while no obstacles to achieve our next main waited target at 121.30, noting that the consolidation above the support base formed above 119.00 is important to continue the expected rise.
The expected trading range for today is between 117.00 support and 121.30 resistance.
The expected trend for today: Bullish