Potential Breakouts in the BanksLenders like Bank of America mostly remain negative on the year, but some members of the industry could be breaking out.
The first chart (above) highlights a falling trendline along the peaks of February and July. BAC paused at this resistance two weeks ago but rallied above it yesterday. It also remained above the mid-September high. Did old resistance become new support?
NYSE:PNC PNC Financial Services, NYSE:KEY KeyCorp and NYSE:USB U.S. Bancorp had similar patterns:
Next is the ascending triangle in NYSE:WFC Wells Fargo, which broke out on Wednesday and jumped to a 15-week high:
Patterns like this, in so many related companies, may suggest investors are rotating back into the broader industry group.
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