Banks are Bullish in near terms I am seeing bullish ascending/asymmetrical triangles forming on BAC and C, and rising wedges on WFC and JPM's hourly charts. Predicting positive reactions to economic data and interest rates in the upcoming weeks.
Citigroup
Citigroup in uptrend R/R = 4Citigroup is an upside channel and the stock reacted positively on the news that there might be an interest hike in June 2016 by the Fed as this might improve their operational margins
CITIGROUP head and shoulders patternPattern is confirmed, now I am waiting for pullback to advancing neckline area around 44 to enter long position. There is enough room to 52.
The Dimon Bottom Hype Is OverCNBC has loved to refer the recent pullback in the SPX as the "Dimon Bottom" because CEO Jamie Dimon purchased roughly $26 million worth of JPM shares. However, it's not looking for those wanting to hold to believe in the recovery dream.
Whether investors want to believe it or not, the U.S. economic cycle is rolling over; and, considering the very high correlation to the SPX, J.P. Morgan shares will unlikely be saved.
Since 2014, I been warning of potential headwinds from energy exposure in U.S. banks. It may not cripple the sixth-largest bank in the world, but death by 1,000 cuts won't be any better for shareholders.
On Tuesday, JPM reported a 20 percent decline in trading revenues, as well as a $500 million increase in provisions (up 60 percent) due to their energy exposure. Fee revenues were down 25 percent.
Technically, the weekly chart is showing more downside is to come. Traders are watching a 20-weekly bearish convergence with the 50- and 72-weekly EMA. Price action is, also, currently below the 200-weekly EMA.
The inability to show support above this level and challenge $59.60 could poise further stress on shares.
Near-term, we'll see price action test the trend/price demand between $52.30-$53.50. A close below $52.30 would open up $48.3 and trend lower to $43.74.
If looking at Fib. retracements, a close underneath Aug 24, 2015 Black Monday low, 1.618 Fib. extension would stand at $37.54. This would be my target for Q2-17.
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Possible Head & Shoulders breakoutLooks like our favorite investment bank may be have even more of a down swing in store. This head and shoulders pattern looks pretty well defined. The current candle however is sitting on a support level around 170 but if that is breached then 150-152 may be in store. as the next stop.
C Waiting to break out of inv h&s (daily)If C manages to break out of the inverted head and shoulders, i see the following possible long targets:
T1 May-Jul: 60
T2 May-Dec: 80
A close on or above 54.80 is a confirmation of a break out. Price below 53.31 would require reevaluating the situation.
Citigroup Daily (17.07.2014) Technical Analysis TrainingThe Citigroup Inc (NYSE:C) Daily Diagram Technical Analysis Training shows the following:
The C share has made long term consolidations between $46 and $49.5. The weekly diagram shows bullish trend and the monthly is neutral.
So the first think in mind is the case of daily local top at 49.50 again. So we will see if it is a strong long term resistance. MACD is bullish and RSI too. The volume is moderate.
Today it seems to make a reversal hammer candlestick pattern. The share is above the KUMO the Kijun Sen (blue line) and the Tenkan Sen (light green line) too. In addition is above the EMA 200.
There is no special pattern. There is no fib measurement.
There is something you can observe on the diagram. In the previous uptrend the Kijun Sen (blue line) could not got itself above the KUMO. But in nowadays uptrend development the Kijun Sen is above the KUMO. Thats why I think bullish even the todays' reversal hammer,
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STOP SHOULD BE 7.2105 AND IT SHOULD BE A TRAILING STOP LOSS . MOVING WITH STOCK PRICE DAILY
DONT BE TOO LATE FOR A MULTIPLE TRILLION DOLLAR DRUG MARKET THAT THE WORLD HAS YET TO DISCOVER A DRUG FOR UNTIL NOW AMPION!!!!!!!
