In today’s live charting tips, we offer the outlook for the US equity indices – S&P 500 and Nasdaq, and cover a few UK market stocks with Zak Mir, Technical Analyst at Zak’s Traders Café, and Nick Batsford, CEO at Tip TV.
Barclays: The share price saw a clear bear trap rebound. Support around 220 area. The gap to the upside confirms the bear trap. Initial upside target at 240, the 50 DMA, and then the October resistance at 260.
ITV: The share price looks interesting with near-term moving averages seen as rising. The technical charts suggest the price action ahead might form a golden cross between the 50 DMA and the 200 DMA, which would be a medium term buy signal.
Morrisons: The share price saw three-four failures above the 200 DMA and two failures below it. The stock gapped to the downside through the 50 DMA. Await a break below 150 before going bearish on the stock.
Sage group plc: Technical charts suggest the share price saw a double-top bull trap. The stock needs a move above 584 to turn bullish.
Greene King plc: The technical charts suggest the stock is looking strong, having seen a ‘v’ shaped bull flag. The share prices are very overbought and might see a dip towards GBP 9 before heading higher towards the 10GBP level.
Moneysupermarket: The stock is likely heading towards the 200 DMA, but ranging, so buy the dip.
Merlin: Breaking above 200 DMA, the share price can head towards 440 level.
TEA: The share price bounced off the trendline, and while above 2p, will likely head higher towards the 50 DMA and then the 200 DMA at 3.3p.
Strat Aero: Sees upside potential above 7p.
KIBO: The share prices are seeing a triangle consolidation. Likely upside towards 5p and then 12p.
S&P 500: The US equity market index is looking very bullish, bouncing above the 10dma, and possibly sees a new leg higher.
Nasdaq: Nasdaq charts suggest the index is seeing a repeat of the S&P 500. Having seen a golden cross on the technical charts, look for it to continue higher towards the 4950 area, possibly backed up by the ‘FANG’ – Facebook, Amazong, Netflix and Google stocks.
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