$MPW: Medical Properties Trust reacting from monthly blue box

Elliott Wave Forecast Team ElliottWave-Forecast.com

Medical Properties Trust is a real estate investment trust that invests in healthcare facilities subject to NNN leases. Founded in 2003 and headquartered in Birmingham, Alabama, USA, it is a part of S&P400 mid-cap index. Investors can trade it under the ticker $MPW at NYSE. The company owns 438 properties in the United States, Germany, Switzerland, Italy, Spain, Portugal, United Kingdom, Australia, Finland and Colombia. Also, trust owns equity interest in several healthcare providers.

Therefore, investors looking to invest both in real eastate and healthcare, obtain a great deal when buying $MPW.

Medical Properties Trust monthly Elliott Wave analysis 02.06.2023

The monthly chart below shows the Medical Properties Trust stock $MPW traded at NYSE. From the all-time lows, the stock price has developed a cycle up in blue wave (I) of super cycle degree. It has unfolded as an Elliott wave leading diagonal pattern being 3-3-3-3-3 structure. Blue wave (I) has printed the all-time high in February 2020 at 24.29. After 5 waves higher in wave (I), the correction lower in wave (II) has developped a zigzag structure. Hereby, 3rd swing of the zigzag has reached 12.17-4.79 blue box area and the reaction is taking place. While above October 2022 lows at 9.90, $MPW might be in the initial stages of the the cycle in blue wave (III). The target for wave (III) will be 34.17-49.17 and even higher.

Medical Properties Trust weekly Elliott Wave analysis 02.06.2023

The weekly chart below shows in more detail the correction in blue wave (II) from the all-time highs towards the October 2022. First, red wave a has ended in March 2020 at 12.35 lows. Then, a connector in red wave b has printed a lower high in January 2022 at 24.13. From there, wave b has broken 12.35 lows opening up a bearish sequence. Finally, it has reached the 12.17-9.36 blue box area. There, reaction higher is taking place. Hereby, the descending trendline from January 2022 has been broken.

Investors and traders should stay long from 12.17-9.36 blue box area targeting 34.17-49.17 and even higher in the long-term.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD stays defensive below 1.1600 as USD rebounds

EUR/USD trades marginally lower below 1.1600 in the European session on Friday. The pair edges down as the US Dollar rebounds slightly after Thursday’s massive profit-taking pullback. Looming US-Iran uncertainty revives the haven demand for the Greenback, while the Euro takes a breather after the hawkish ECB hike-led rally.

GBP/USD holds steady above 1.3400 ahead of US sentiment data

GBP/USD recovers losses and trades modestly flat above 1.3400 in the European trading hours on Friday. The UK Gross Domestic Product (GDP) declined by 0.1% in April, limiting the pair's upside amid renewed US Dollar weakness. The focus now remains on the US Michigan Consumer Sentiment data.

Gold flatlines above $4,200; bearish bias intact amid US-Iran risks

,Gold recovers modest intraday losses, and turns flat during the first half of the European session, though it remains below the daily peak. Despite uncertainty over the US-Iran peace deal, a steadier mood fails to help the US Dollar in preserving its gains. This is seen as a key factor offering some support to the commodity.

Pi Network: Bulls attempt comeback as bearish strength fades

Pi Network (PI) is trading at around $0.120 after a modest recovery the previous day. Despite this recent rebound, traders should be cautious as a scheduled unlock of 14.8 million PI tokens on Friday could limit the token's recovery potential by increasing market supply. Meanwhile, the technical outlook is showing early signs of fading bearish momentum, suggesting a short-term bounce.

UoM Consumer Sentiment Index expected to remain depressed near historical lows in June

The University of Michigan (UoM) will release the preliminary estimate of June’s Consumer Sentiment Index on Friday. The report is expected to show that consumers’ confidence remains depressed.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.