MTB approaching channel support

M&T Bank CorporationNYSE

Description

⋅ Aug 20, 2023 12:50 AM

M&T Bank Corp. (MTB) presently approaching channel support, able to absorb weekly selling pressures.

From here, (MTB) can gain strength and trade higher eliciting gains of ~20% over the following 2 - 3 months.

If a weekly settlement above the overhead channel occurs, this would lead to a long-term buy signal in (MTB) into later year.

Inversely, closing below channel support puts (MTB) into a sell signal where losses of 20% would be anticipated over the same time horizon.

Comments

TheKitchenTrader

⋅ Aug 25, 2023 6:31 PM

Great look on your chart. I think banks are going to continue having issues with Powell's continued rate direction. We still haven't seen the CRE shoe drop yet.