Hilltop Holdings has formed a W-shape, which I thought would complete an 0.886 and become a Bearish Shark, but it has since given 2-3 PPO Confirmation Circles around the 0.786 retrace instead. In addition, it has confirmed a lot of RSI Bearish Divergence within this zone; for that reason, I see a strong possibility that this ends up being a Bearish Cypher instead...
Counting the events and points of interest plotting the pattern
1 Being the high above the trend line
2 Being below the trend line
3 being a double top and rejection point
NYSE:HTH price action is showing bullish signs, the stock traded around the neckline of the double top and is finding good support at 200 MA. Although the stock may still break down below the neckline, there is a higher chance it will head higher especially that the stock is fundamentally solid. Any pullback towards the 200 MA is a buy opportunity to target 39$...
I wanted to see how HTH reacted when faced with its Fibonacci Support and from the looks of it, it showed it has room for bullishness. The squeeze indicator indicated a decline in selling momentum with an additional oversold indication given by the Oscillator. I would swing this stock all the way up to 35-37.
Bullish Signals
-Fibonacci Support Bounce
-Oversold...
Entry level $25.75 = Target price $26.59 = Stop loss $25.49
Analysts price target $27.60 | Overweight
Yield 1.25%
P/E ratio 11.73
Company profile
Hilltop Holdings, Inc. is a financial holding company, which engages in the provision of business and consumer banking services through PlainsCapital Bank. It operates through the following segments: Banking,...
