InvestingScope

Bank Stocks: Bullish breakout. Strong long-term Buy Opportunity.

Long
NASDAQ:BKX   KBW NASDAQ BANK INDEX
BKX ( Nasdaq bank index ) has just broken above the Lower High trend line (dashed lines) of the 1W bearish (pull back) leg within the greater pattern of the multi year Channel Up since 2012. The technicals have turned bullish on 1W ( RSI = 59.797, MACD = 1.140, Highs/Lows = 5.1079) and even the RSI is on identical levels with the last time a similar break out took place in 2016.

We are expecting a fairly similar bullish break out on the long term towards 140.00 - 149.80 (Target Zone).




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