Regions Financial (RF) recently broke out of the top side of a triangle and appears to be working its way through all the sellers in the $14.50-$14.60 resistance range today. From there, the coast is fairly clear up to about $15.50. Analyst ratings are mostly bullish on the stock.
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RF not only failed to breach resistance, but also just broke below its upward trend line, which is a worrying sign of weakness.
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Back on course to $15.50!
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So far so good, but RF is entering the high-volume zone from back in April-May and meeting some resistance. I took a little profit here and will take a little more at 15.23.
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RF tested support after rate cut decision. So far holding above support level.