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This is just my technical view, neither a fundamental comment nor a recommendation to trade..!
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1. Cup and handle bullish pattern
2. Large volume v.s. 3 days
3. Above all MA lines
4. new 52-week high of $41.40
5. Bond yields rise Thursday.
6. As rates increase, in general, banks can earn bigger profits made on loans to consumers.
Rotations to cyclicals, from tech and covid stocks. Cup and handle breakout, low RSI.
Possible entry point around 4th waves, below the median of the pitchfork, in the blue area.
THIS IS NOT A FINANCIAL ADVICE
1D chart hit resistance again yesterday. There is an ascending triangle forming on the 1D chart.
On the hourly chart, there seems to be a cup and handle forming, the handle has yet to form but the cup has.
RSI Is Approaching the top, similar to stochastic while MACD just crossed.
Awaiting for a solid cross over the 38.7/39 resistance and the next level to...
I'd like to see price hold this current support level on the 4H.
If price moves and closes lower than $35.80, then I will be closing these contracts for a loss.
Why did I choose $42 as a profit target? Because if you zoom out on the 4H chart, you will see a price level that was created between 28 FEB and 5 MAR 2020. I believe price could reach the peak of that...