How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3 Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…
JPM, BAC, CITI: three destinies
Next week, we are going to have quarterly reports from our favorite banks: JPMorgan and Citigroup on Tuesday (15:30 MT and 17:00 respectively), and Bank of America on Wednesday (15:30 MT). What do their stocks have from the technical perspective so far?
JPM and BAC present very similar pictures. A launch from the bottoms of mid-summer, unstable growth, tactical high at the end of July, trembling, then a slump to the same bottom of mid-summer. Currently, both banks are recovering the losses from that slump, with JPM being closer to the summer heights and the BAC a bit slower.
With Citigroup, the picture is a bit different. This stock has been trading flat between $49 and 53$ per share since May. Only recently it left this sideways channel with the rest of the sectors to drop to slightly above the April supports. Currently, it is recovering, and still has a considerable distance to cover before it comes back to the range of $49-53 it was in during the summer.
If you like a general fundamental outlook, it will be fair to say that JPM stock is more volatile, BAC is somewhat more optimistic, and Citigroup is the slowest among the three.
So be there for the quarterly reports on Tuesday and Wednesday, and make sure you set you trades accordingly.
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Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The US will reveal Non-farm payrolls on January 7, Friday, at 15:30 GMT+2 (MetaTrader time).
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.