Bank sector 🏦💸🤑
My first sharing on the US bank stocks. Not really familiar with their fundamental honestly but I know most of these big banks are not too bad though. JPMorgan Chase, Wells Fargo and Citigroup reported stronger-than-expected profits on Friday, but the outlook remains cautious with a worsening geopolitical environment and some challenges emerging among people with lower credit scores. Thus, let's try to see the technical movement of these banks.
Strongest chart
To start with, without doubt, the strongest bank chart belongs to $JPMorgan Chase(JPM)$
JPM daily chart
Next, let's look at bank of America, our Warren Buffet favourite bank! My chart was slightly outdated as the company share price forms a higher low tonight, due to a good earnings release. This higher low might be a rebound sign for this bank share price, therefore I am $Bank of America(BAC)$
Bac daily chart
How about Wester Alliance bank? Pretty nice green candle to stand back to the EMA 25 50 support and going to challenge EMA 200 resistance pretty soon. The earnings call will be on Thursday, I will go for a bullish vote as the stock rallied for the past two quarters after its earnings release. $Western Alliance(WAL)$
WAL daily chart
Now, Wells Fargo! Pretty strong among the bank sector in US. The share price was being resisted by the downtrend line since August. And following a surprise in its recent earnings release, the stock tends to breakout from this downtrend line, pretty good sign for its near term movement. Thus, I believe the stock might gain some upwards momentum $Wells Fargo(WFC)$
Wells Fargo daily chart
Lastly, Citigroup, similar to other banks, posting better than expectation results but seem like market not really satisfied with it. The share price remains very weak. The recent two big red candles signify a strong selling pressure with big volume. Not a healthy pattern in term of Technical Analysis, therefore a bearish vote for Citigroup, $Citigroup(C)$
Citigroup daily chart
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As I type this WF is up .34 and BAC is up.44. Funny that WFC is already up $2 since it’s earnings yet this trash can’t even break .50. What a JOKE
Wow!! USB up over $2 just today and doesn’t report until tomorrow!!! BAC can barely get over .50 and will probably be below $27 come Friday
I don't put much creedence in bank earnings. I remember back in 2009 banks had low P/Es and then they were declared insolvent.
Volume is pretty heavy today. Looks like buyers won 🥇