We are now at #5 of the TOP10 biggest banks in the USA, this one seems pretty bad as well.
Let's start with the weekly chart and then we move to the monthly for the bigger picture:
✔️ This week USB had the worst week since Feb. 2020, Covid days. ✔️ A major support level failed in the form of 0.618 Fib. which can lead to lower prices. ✔️ We have a bearish cross on the MACD and RSI trending lower; I will show you the charts this time.
USB Weekly MACD:
USB Weekly RSI:
✔️ While the monthly chart lost EMA10 and EMA100, support was found at MA200. ✔️ The MACD is trending down while already bearish.
How far down it goes will depend on the politics, how much money they decide to print, if the banks will get a bailout or not, etc.
We have to see how it all develops.
The side effects of raising interest. They wanted to crash the economy... It is working.
USB held the largest amount of bonds on Evergrande followed by Blackrock. Evergrande filled bankruptcy in American courts 3 days ago, this could effect USBs outcome
Guruoffinance
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agree
neet007
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stock is near its Monthly 200 EMA, so there is also a chance for reversal, although I am totally agree with your view and Research but I will wait till 30-31 area , if that area breech then Short short short
TORNADOF5
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do you wait some up move then reject to enter short ?? still learning thanks
AlanSantana
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@TORNADOF5, In this type of chart we would normally be buying around early 2022.
At this point the chart can still be traded of course but the risk is higher. One can trade with a tight stop-loss, no need to wait for anything else.