BANK trade ideas
7.24.17 | BANK | Working to breakout and test resistanceBANK - Although for some reason today's candle is not yet on the chart you will see that price is bullish today and is struggling to break out of a falling wedge in an attempt to test the range of of a 4 month sideways channel. A close above $3751.34 will confirm the start of the rally back to $3835.21 | The 20 and 50 exponential moving averages are in favor of a bullish trend to the upside although the 20 EMA is moving through price right now which is an indication of consolidation. As soon as price clears the 20 EMA we will have strong sentiment of a test into resistance and this may be the beginning of the breakout of the 4 month sideways channel.
7.28.17 | BANK | Falling Wedge back to ResistanceBANK index: There is an enormous Adam and Eve double top forming inside the sideways channel. This may suggest that price is going to fall back to support. However there has been a lot of bearish divergence over the past two weeks and a corrective move bullish may push price into a breakout out of the sideways channel diverging from the bearish double top. As it stands right now price is in a very tight falling wedge at a major support zone which also is at the neckline for the double top. At the very least I expect price to breakout of the falling wedge to form the pull-back for the double top and anything more from this will be a corrective rally back to resistance and possibly through it. One thing to watch out for is capital moving out of the financial sector as APPL reports their earnings next week. There is a little bearish press in the market for Bank stocks right now but this may only reinforce the resistance of the channel it may not cause price to collapse completely. Again my expectations are a bullish pull-back to a rally back to resistance starting on Monday. Any bearish divergent price action and I will revisit the Adam and Eve Double top.
BANK possible Bull PenantA Break out at the Orange line is what Im looking for, for a possible Long Entry. Mac D Confirming Reversal trend is up.
