$KEY - Double Rounded Bottom Pattern.#KEY Nice double rounded bottom pattern in the daily chart and a symmetrical triangle breakout in the weekly chart. The inner rounded bottom pattern made a higher high and on the verge of a breakout from the neckline(edge).
If it could make higher highs and higher lows it is very like that it will reach the neckline of the broader rounded bottom pattern and breakout may occur. The demand and supply zones are marked on the weekly chart.
KEY trade ideas
Reverse Head and Shoulders_KEYKEY looking like a buy with support at the 60% fib range with momentum at the upside. Reverse head and shoulders may help propel it to $13.96 mark.....meaning a possible bullish Wolfe wave with policy implementation allowing the velocity of money to exchange through small/regional banking in the US.
KEY With Dodd-Frank and reforms for the small and regional banks, could we see a movement to consolidate these banks during COVID? No one knows for sure, but the technicals look like it is a good trade on the technicals and did not head-and-shoulder, which is a good sign. The PPE policy has kept the banking sector liquid, and as we see, the economy open into the next phase will bolster these capital markets. Buy-side, and if it gets consolidated, it will - usually - be on the upside for the company being acquired.
KEY in rising channelKEY has reached the support trendline of the channel for the fourth time. I expect it to rebound and go upward. The risk to reward is about 3.5, which is not super good, but I feel confident about this trade. If it does follow the channel well, my stop-loss will move higher and higher and risk will decrease. Otherwise, my stop-loss is at $9.90. It's intentionally below $10.00 which may be a natural support region.