Up trends are still intact on the financial stocks in the U.S. A quick look at U.S. banking stocks can help us put things into perspective on the medium/long-term charts. This update reviews 6 different U.S. commercial banks. As you go through the charts of these commerical banking stocks you will find similar technical outlook as outlined below.
- In November 2016, following the U.S. election, all of these names had strong breakouts from lengthy consolidation periods.
- Most of the names have reached their chart pattern price targets.
- Since the beginning of 2016, all of the charts analyzed have formed consistent up trends as identified by parallel trend channels.
- Over the past 3 months, all of the names have pulled back to their 200-day averages.
Lower boundaries of parallel trend channels and long-term moving averages are usually strong technical support levels. Until the year-long up trends are broken down and 200-day moving averages are breached on the downside, we should expect the up trends to resume on these U.S. commercial banks.
U.S. BANCORP (USB )
BANK OF NEW YORK MELLON CORP (BK )
SUN TRUST BANKS INC (STI )
WESTERN ALLIANCE BANCORP (WAL )
BANCORPSOUTH INC (BXS )
GLACIER BANCORP INC (GBCI.O )