The First Bank to hit the Bullish Scan

• Posted by Greg Harmon
• on October 28th, 2015

The public face of M&T Bank ($MTB) is the Baltimore Ravens Stadium where they have paid for naming rights. But M&T Bank is a hard nosed bank founded and headquartered in Buffalo New York. A regional bank with branches throughout the east, it has done well.

The stock is doing well too. After moving mainly sideways throughout 2015 it started higher in May to a peak in July with other banks. That was quickly erased when the market fell in August and it has consolidated since. The stock stayed in a broad range from 112.50 to 122.5 for 2 months until Wednesday. That is when it hit the proprietary bullish scan, the first bank to do so in several months.

The chart shows it broke above several major markets Wednesday. First it moved above that resistance. It also broke above the 200 day SMA for the first time since August 18th, and above the 100 day SMA as well. As it rises the Bollinger Bands® are expanding and the RSI rising and bullish along with a rising MACD. All signs point higher. Use the break out area a stop loss.

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