SVB Crashing and burning to $33 - Here's why
SVB Financial group has had a major Inverse Cup and Handle forming over the last few years.
Today it broke below the brim level and has confirmed strong downside to come.
Price<200 - Bearish
RSI<50 - Bearish
Target $33
WHAT HAPPENED?
Silicon Valley Bank's parent company, SVB Financial Group, saw a 60% drop in its shares after launching a $2.25 billion stock sale to recover from declining deposits from tech start-ups.
They admitted to losing about $1.8 billion on the sale of securities, which led to a huge loss in their market capitalization.
This event also caused other financial stocks to decrease in value, highlighting how rising interest rates can affect net interest income at other banks.
On Thursday, the four largest US banks lost a total of $52.4 billion in market value.
Today it broke below the brim level and has confirmed strong downside to come.
Price<200 - Bearish
RSI<50 - Bearish
Target $33
WHAT HAPPENED?
Silicon Valley Bank's parent company, SVB Financial Group, saw a 60% drop in its shares after launching a $2.25 billion stock sale to recover from declining deposits from tech start-ups.
They admitted to losing about $1.8 billion on the sale of securities, which led to a huge loss in their market capitalization.
This event also caused other financial stocks to decrease in value, highlighting how rising interest rates can affect net interest income at other banks.
On Thursday, the four largest US banks lost a total of $52.4 billion in market value.
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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