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James Byrnes

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Everything posted by James Byrnes

  1. Hi, thanks for asking! Some investors tend to diversify their investments by owning a large number of shares of different companies. According to some estimates, the U.S.-based investors hold around 20 to 30 stocks in their portfolio.
  2. Hello, I would like to now how to set up a social trading service?
  3. Hi Trevor, thanks for your question. The S&P 500 index was introduced in 1957 by The Standard & Poor's as a “500” index. It consists of 500 large companies that represent the most significant sectors within the United States economy, and not because of the fact they are the largest in the business. The S&P 500 Index was introduced on January 1, 1957, starting to trade at $386.36. Not a long time after, the value of the S&P 500 jumped to almost $700. S&P 500 is widely accepted as the benchmark index for the U.S. economy. One of the biggest reasons why it’s so popular among investors and analysts is that throughout history, the value of the S&P 500 index has accurately followed the ups and downs of the United States economy. The Index corrected 40% during the 2008-2009 global financial crisis to hit fresh all-time highs in the previous years.
  4. James Byrnes

    Ryanair

    Hi Philip, thanks for the question. Yes indeed, Ryanair announced today it will resume 40% of its planned July flights, a decision that is subject to national and EU authorities lifting current travel restrictions. The airlines said it will start operating around 1,000 flights as of July 19, covering around 90% of the pre-coronavirus route network. “After 4 months, it is time to get Europe flying again so we can reunite friends and families, allow people to return to work, and restart Europe’s tourism industry, which provides so many millions of jobs,” stated CEO Eddie Wilson. This news helped the Ryanair stock price to erase morning’s gains as the price action was trading at a 5-week low. Shares of the company ultimately finished the day 2.5% higher. If the bullish momentum continues to dominate the environment, the buyers would want a test of the 10.00 handle, which is an important price level. Hence, if the airline can start flying again as it plans to, we can definitely expect the price action to trade at higher prices than it currently does.
  5. Hello Trevor, thanks for asking this question. Both flags and pennants are popular trading patterns. What they have in common is the fact that both are classified as continuation patterns. In layman terms, their job is to help the current trend extend higher/lower. Moreover, both can have bullish and bearish versions. The biggest difference between these two is that the consolidation phase takes the form of a triangle in the case of a pennant. On the other hand, the parallel channel is formed in the flag pattern to help the price action consolidate. The flagpole is the same, hence you should only pay attention to the format of the consolidation phase. Overall, both are very powerful and strong continuation patterns that are activated once the breakout is confirmed.
  6. James Byrnes

    Ethereum

    Hi Anna, thanks for the question. As you said, Ethereum dipped 10% lower on Sunday early morning as the entire crypto market plunged. At this point, there are no clear reasons to answer the question of why this volatile bearish move happened in less than an hour. Bitcoin dropped from $9,500 to $8,100 at the same time, before recovering to around $9,000. Ethereum broke below the $200 mark on the back of this move to tag the $180 handle for the first time in two weeks, a move that facilitated a break of the ascending channel. The buyers lost this fight as the price action closed below the 100-DMA at $191, which is likely to facilitate more selling pressure. Hence, I believe the risk is now to the downside with the next layer of support being located at $175, where the 200-DMA trades.
  7. James Byrnes

    IBEX 35

    As you mentioned in your question, it seems that Spain is preparing to initiate the “Phase 1” of the reopening plan as the death toll continues to drop. This phase is the second step as a part of the four-phase reopening plan. What investors are hoping is that the expected opening of theaters, restaurants, gyms, bars, museums and hotels will provide a boost for the economy. However, please note that the country’s two biggest cities – the capital Madrid and Barcelona – will remain in the “Phase 0” stage. Spain’s benchmark stock market index, IBEX 35, closed the previous week around 2% lower, As said earlier, the investors will be hoping for the much-needed surge in the business activity to mitigate the losses from March and April.
  8. James Byrnes

    Siemens

    Hi Anna, thanks for coming here. Siemens stock price surged higher on Friday despite a significant plunge in the profit experienced in the last quarter. The company reported that its industrial profit slid 18% lower in the second quarter. The net profit crashed 64% compared to the same period a year ago with orders declining 8%. Still, shares of Siemens popped higher as investors feared results that were much worse. The stock price hit a new 2-month high and touched the $90 handle for the first time since March. Therefore, I’d suspect a move towards the resistance area $94 - $97 is next on the cards.
  9. James Byrnes

    DAX Index

    Hi Trevor, thank you for coming here and trusting our assessment. The DAX Index gained 1.34% yesterday, in addition to gains of 1.44% on Thursday. These gains were somehow surprising given the results of surveys and studies in Germany showing a significant drop in the consumption and business activity expected for this quarter and year in general. Technically, the price action failed to clear the 11,200 mark last week, almost touching the major horizontal resistance near the 11,300 handle. Hence, I suspect the buyers will be targeting this resistance again given the strong weekly close above 10,900. Looking higher, a break of 11,300 resistance level would pave the road for a trip to 12,000, home to the 100-DMA and 200-DMA.
  10. James Byrnes

    Xilinx

    Hi Anna, and thanks for posting this question. Xilinx stock is one of the hottest stocks out there currently. The company produces chips that are seen as an integral part of the 5G infrastructure. Governments and private companies are spending billions around the globe in a race to build a robust 5G infrastructure. Hence, Xilinx is attracting a lot of inverters' attention and this is why the stock is holding up really well. In a major win recently, Xilinx has been awarded a big contract by Samsung to help the South Korean giant with worldwide 5G commercial deployments. As a result, Samsung will be using Xilinx’s Versal adaptive compute acceleration platform (ACAP). In the meantime, Xilinx stock price has gained more than 30% since in the last months as a part of the booming 5G stock sector. Technically, there is room for a move towards $115.
  11. James Byrnes

    Peloton

    Hi Philip, thanks for the question. Indeed, the Peloton stock price made an incredible move yesterday, moving higher around 16% on the day. This move came after the company reported an increase in revenue of 66% on a greater demand for the in-house fitness equipment amid the COVID-19 outbreak and national lockdowns. Following the release of quarterly earnings, investors rushed to buy Peloton stock given that the company’s management raised its full-year sales guidance, which is a stock-supportive development.
  12. Hi Philip, and thanks for the question. As you may imagine, the decisions of the BoE have a paramount impact on the markets in general, and the pound/FTSE100 in specific. Any move and changes on the monetary policy front are likely to facilitate big moves in equities and the pound. For instance, the sterling gained 100 pips following today’s BoE announcement that it is increasing the amount of government bonds it plans to purchase. However, those gains were quickly erased following Governor Bailey’s press conference. Hence, I always advise trading these high-impact events with caution as the price action tends to whip around until the dust settles.
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