Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Ohio Banks For The Win!

Published 03/14/2013, 01:50 AM
Updated 05/14/2017, 06:45 AM

Tonight I am taking a page from my New York City friends and focusing on my own back yard like nothing else exists. So when I look around there are only three publicly traded banks in the universe and they all look like they are set up for a good trade.

FirstMerit (FMER)
FMER

Akron based FirstMerit (FMER), is the bank of the Black Keys (I don’t really know for sure). It is breaking higher on Wednesday, back over resistance at 15.50 and into the gap higher to 16.46. The Relative Strength Index (RSI) is rising and bullish, and the Moving Average Convergence Divergence indicator (MACD) is rising on the signal line and has a positive histogram. These are supportive of more upside. There may be some resistance around the 15.80 or 16.25 area along the way higher.

Huntington Bancshares (HBAN)
HBAN
Last weekend, I noted Columbus based Huntington Bancshares (HBAN) had broken through the neckline of a bullish Inverse Head and Shoulders. That carries a price objective of 8.72. Moving higher out of consolidation of the initial break today it gave an entry to move higher. It also has support from the RSI and MACD for continued upside.

I entered long today using a bullish July 7/October 8 Risk Reversal, selling the July 7 Put and buying the October 8 Call.

Keycorp, (KEY)
KEY
Finally - Cleveland based Keycorp (KEY), has been moving higher in an AB=CD pattern with a price objective of 10.16. The recent consolidation and now break higher Wednesday gives a target on a Measured Move to 10.80. The RSI is bullish, and holding the technically overbought line while the MACD supports more upside on both the signal line and the histogram.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.