Regional Banks: From Good to Better
- Posted by Greg Harmon
- on April 26th, 2012
Regional bank stocks have been looking good, but now that they are through earnings, many are not only looking good but breaking out higher. Here are three.
Huntington Bancshares, $HBAN
Huntington Bancshares, $HBAN, reported on the 18th and been building a bull flag before that. This week it finally broke above the flag resistance and is head higher. Just 8 cents more and it is at new 52 week highs. And it has support from a rising Relative Strength Index (RSI) and a a Moving Average Convergence Divergence (MACD) indicator for more upside. Still worried about the market? June 7 Calls are offered at only 12 cents.
M&T Bank, $MTB
M&T Bank, $MTB, is approaching the top of an ascending triangle at 87.85 after reporting the 16th. It also has tailwind support of a rising RSI and has a MACD that is about to cross higher. A move over the top of the triangle makes a new 52 week high and has a target on a Measured Move to 91.85. May/June 90 Call Calendars may work here too, for only 70 cents.
Regions Financial, $RF
Regions Financial, $RF, reported Tuesday and has risen off the 50 day Simple Moving Average (SMA) since, breaking above the resistance from March. The next resistance high Calls or a Calendar are a good alternative to just buying the stock on this name.
Simple plays on these names can net big gains as the stocks continue higher. Need more information? you know how to find me.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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