Bank Of America Breaks Out With Financial Stocks In Focus

Bank Of America Breaks Out With Financial Stocks In Focus

starting with Bank of America
so the breakout theme continues here Bank of America moving higher and
looking like it’s extending its gains what are you seeing in this chart with
the underperformance that we had seen from financials and Bank of America as
one great example of that especially in 2018 it felt like they were never going
to get going again and of course now just in the last couple of weeks we
started to see some signs of life there where we’re getting some breakouts above
important levels Bank of America cleared some former resistance of previous highs
where I have met selling pressure and confirmed that breakout it’s a little
overextended short-term I would say but that breakout completes a trading range
that have been in place for several months so again there it releases the
the chart of resistance it supports upside follow-through that
beyond the near term and shows a resumption of the uptrend that preceded
that underperformance in 2018 right and this type of action in the group isn’t
isolated of course others like JP Morgan also with with similar chart action so
this group does look like it has more than just one chart that is a bright
spot that’s fair to say even the regional banks are acting much better
and making higher lows and then subsequently exceeding these short-term
resistance levels all of that would make them a turnaround play and I do think
it’s best to have core long positions in long-term uptrend and that would not
qualify for many of the financials and yet now with this newfound leadership I
do think people should be you know sniffing around for good opportunities

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