Yesterday, many banks reversed off the intrday highs and closed in red on first day of month and new quarter while broad market was setting new record highs. All indexes (Dow, Nasdaq and S&P
) are on its highs and the stock managed to cover almost 2/3 of its sell off from highs. It closed right on its 21 EMA
which acts like support since beginning of June. Stock found well defined resistance at $58 and general pattern looks like bear flag
. I am going to take one dollar risk if price will trigger my entry through yesterday's low at $57.08. Target at $55.50 where 200 EMA
is situated makes this trade acceptable from Risk/Reward point of view.