- Category: Share Price Drivers
- Published on Wednesday, 13 February 2013 10:56
- Written by Sam Coventry
A recent analysis of the Apple share price chart by Trading Central shows that below the 485 level further falls to 462 and 441 are possible.
"The RSI is bearish and calls for further downside," note the technical analysts who have confirmed that AAPL's trend lower remains intact.
Meanwhile, Facebook shares are to also remain under pressure as long as the share price remains below a pivot level seen at 30.9.
"The upside breakout of 30.9 would call for 33.1 and 34.5. The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the stock is trading under both its 20 and 50 day MA (respectively at 30.51 and 28.39). Finally, Facebook has penetrated its lower daily Bollinger band (28.48)," say Trading Central.
Stock markets are mixed as traders tread carefully
Turning to the broader markets we see European stocks are largely mixed Wednesday, "staying in a tight range as traders tread carefully ahead of the G-20 meeting which kicks off on Friday in Moscow," says Ishaq Siddiqi at ETX Capital.
A number of high profile economic releases also keeps the bulls and bears at bay, with attention turning to the BOE's Inflation Report, euro zone industrial production and US retail sales all due during the course of the session.
Overnight gains in Asian markets with Australia's national index surpassing the 5,000 level and closing at its highest level since 2008, provides a degree of support here in Europe.
Markets are also soothed by a pledge yesterday by the G7 to avoid currency wars and reaffirming their commitment to let market forces determine exchange rates. That said, markets are more so concerned with the discussion on currency valuations by G20 leaders later this week as they bear a greater influence on global policy measures.
It is likely for that reason that we see a degree of trepidation kick in ahead of the G20 meeting with traders reluctant in adjusting risk exposure and opting to sit on their hands until policymakers have spoken.
Santander UK in trouble over breaches in quality of investment advice
Santander UK is being investigated by the country's financial regulator for possible breaches in the quality of its investment advice, industry sources told Reuters.
The Financial Services Authority on Wednesday said it had referred one unnamed firm to its enforcement division for offering flawed investment advice to customers.
Santander declined to comment on whether it was the firm.
The enforcement action came after spot checks on the quality of advice available at six major lenders. A spokesman for Santander said of that review: "We are considering the findings in the context of the significant actions we took in 2012 to prepare for the post-RDR (retail distribution review) world."
Newer news items:
- Pioneer Energy Services Corp: PES shares shoot higher on consensus beating results, but ISI maintain Neutral rating - 13/02/2013 17:32
- Microsoft Corporation (NASDAQ:MSFT): "We do not subscribe to speculations in the market that one or more PC-producers will turn their backs on Windows" - 13/02/2013 13:05
- Microsoft Corporation: MSFT shares remain a Buy thanks largely to attractive valuations - 13/02/2013 13:03
- Barclays plc shares are still a Sell with Berenberg who see a 5BN capital shortfall at BARC - 13/02/2013 11:32
- Barclays plc continues to display concerning levels of leverage warns analyst - 13/02/2013 11:29
Older news items:
- African Barrick Gold Plc: Sell ABG on 9 pct EBITDA miss as 2013 guidance disappoints - 13/02/2013 10:16
- Barclays plc : Analyst upgrades for BARC come flooding in after latest trading update (but one contrarian says Sell) ref. LON:BARC NYSE:BCS - 13/02/2013 09:30
- Forecasts: BP Plc, BG Group plc, Tullow Oil plc technicals suggest traders must approach with caution - 12/02/2013 13:43
- Vodafone Group Plc upgraded, BAE Systems downgraded: Latest broker guidance snap - 12/02/2013 13:30
- Barclays plc: Investors snap up BARC shares as investment banking division beats expectations - 12/02/2013 12:39
Latest on The Economy News
- Australian dollar weakness forecasted yet lower by technical analyst; RBA decision will however be key event-risk on the horizon
- The British pound sterling forecasted to trade neutral ranges but excitement tipped to increase as week progresses
- Silver prices take a drubbing as sell stop orders below April’s low; technical orders reinforce downtrend
- Silver prices forced lower as 'significant' sell order is hit in Asian trading, tentative recovery seen through European session
- Australian dollar / New Zealand dollar in morning profit-taking strength; broader environment remains bearish, RBA minutes ahead
- Pound to euro exchange rate faces a week that is 'anything but trivial' (UK CPI, retail sales and BoE Minutes all due)
- Euro exchange rate today: EUR higher at the start of what promises to be a busy week; UniCredit forecasting EUR/USD down to 1.2742