MichaelGLamothe

EBSB attempting to break out along with the financial sector

NASDAQ:EBSB   MERIDIAN BANCORP INC
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EBSB just crossed an advanced pivot at 19.10 and is looking to work its way higher. It's Relative Strength line is breaking out to new highs on the longer term weekly chart and is about to do the same on the daily chart .

The 10wk line and the 50dma have proven to be important lines in the sand for EBSB and it has received consistent support at these levels. Most recently, 18.55 proved to be an important line in the sand as it was tested not once, but twice on 2/2 and 2/6.

Since 2/6 EBSB has rallied above short term resistance at 19.10 as well as 2 descending trend lines .

Like many financial stocks, EBSB had a huge run right after the election. Since December, it has been consolidating around its 10wk line. Now that the financial group is starting to breakout again (see ticker XLF which tracks the group), this and many other names are also getting ready to continue their uptrends.

The risk on this particular trade is only 2.88% with a 19.10 entry and a stop at 18.55.
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