E-TRADE Financial (NASDAQ:ETFC) has come a long way and is now one of the premier on-line brokers with TD Ameritrade, Schwab and Interactive Brokers. Despite that, the stock took a nose dive at the start of 2016 along with all the banks and the broad market in general.
E-TRADE made a bottom on February 11 with many other stocks and started back higher after erasing 35% of its market cap. That bounce took it back to $25.50 by early March after which it consolidated on a small pullback. Recently there are signs that it may be ready for another leg higher.
The consolidation found the rising 20-day SMA last week and started using it as support. At the same time, the volume has been falling -- a sign of exhaustion of the consolidation. The Momentum indicators are level after the run higher, but only on the edge of the bullish zone with lots of upside left.
A push over $25.50 would carry a target on a Measured Move to $29.50, near the prior consolidation in December. That is also over 15% higher.