MichaelGLamothe

IBTX setting up for another run higher

Long
NASDAQ:IBTX   INDEPENDENT BANK GROUP INC
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2
IBTX is setting up in a tight square box base (could turn into a flat base) only about 8% deep. It's getting support at the 21ema so far. There is an advanced pivot at 64. The RS line is climbing and remains near highs. IBTX is ranked #1 in its industry group and the group is ranked #3 per investors.com.

There has been very heavy buying since mid-October (see volume spikes on the chart). Within the base, volume has spiked a couple of times as IBTX has bounced off the 21ema but has been relatively quiet while IBTX has consolidated.

IBTX passed the ChartYourTrade MRI scanner this past weekend and the scanner is also showing that the Commercial Banks industry group to which IBTX belongs is starting to heat up again.

IBTX is high on my radar and for all the reasons outlined above, I'll likely establish a new position if it breaks above 64.

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