MichaelGLamothe

Potential short term bounce coming in WAL

NYSE:WAL   WESTERN ALLIANCE BANCORP
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On a day where most stocks closed in the red and near their lows, WAL managed to reverse and close in the upper half of its price range. It did this on the highest daily volume in a month.

This sets up a potential short term bounce. If WAL can take out today's high of 48 either tomorrow or within the next day or so, and then confirm the move by climbing above 48.33 (yesterday's high) and close above the 5ema, I'd look for it to try to rally back to the recent high of 50.72

WAL has been on my high momentum watch list since breaking out on 11/9. Prior to that, it and several other names from the financial sector have been on the radar. Take a look at the ETF that tracks the financial sector XLF . It has been rallying since 11/9 as well and today it caught support at the 10ema which is good for the sector.

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