VLY ready to make new highs?
* Good earnings
* Steady up trend
* High 3-month relative strength in the Financial sector
* Breaking out of a ~9 month consolidation with higher than average volume
* Has been testing broken resistance as support for the past 5 days
* Maximum probable ROI is 22.38% if the trade goes in our favor
Trade Idea:
* Now's a great time to enter as the price is really close to the broken level.
* $14.44 should continue to serve as support moving forward.
* Lock in some profits at first target and let the rest run to the final target.
Caution:
* Since we have a tight stop, a daily close below $14.44 would negate the idea.
* Alternatively, you can wait to see if two or three consecutive days close below $14.44 before exiting the trade
* Steady up trend
* High 3-month relative strength in the Financial sector
* Breaking out of a ~9 month consolidation with higher than average volume
* Has been testing broken resistance as support for the past 5 days
* Maximum probable ROI is 22.38% if the trade goes in our favor
Trade Idea:
* Now's a great time to enter as the price is really close to the broken level.
* $14.44 should continue to serve as support moving forward.
* Lock in some profits at first target and let the rest run to the final target.
Caution:
* Since we have a tight stop, a daily close below $14.44 would negate the idea.
* Alternatively, you can wait to see if two or three consecutive days close below $14.44 before exiting the trade
Yorum:
The general Financial sector seems to be taking a hit at the moment.