Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

This Regional Bank Stock Is Vulnerable

Published 11/15/2017, 02:08 PM
Updated 05/14/2017, 06:45 AM

Leading regional bank stock US Bancorp (NYSE:USB) has, since the start of November, been pulling back. On November 2, 2017, USB traded as high as $55.08 a share. Today it's at $52.02. The one negative for the stock is that it is trading below its 50- and 200-day moving averages. This chart formation tells us that the stock is vulnerable to lower prices in the coming weeks.

Support To Watch

Traders must now watch the $49 area as the next major chart support level. This level was defended in September 2017 by the institutional money and it should be defended again when retested. It's always important for traders to know where they are wrong, so I would place a stop-loss below $47 using a weekly chart close. The upside targets for USB are $55 as a first target and ultimately $60 a share as the final target.

US Bancorp

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.