Three Reasons to Put Capital One in Your Wallet

• Posted by Greg Harmon
• on June 20th, 2013

And none of them have anything to do with Jimmy Fallon, Alec Baldwin or those Vikings. From the chart below the price is consolidating at resistance at 62.50 from the previous high in January. Second that consolidation is in the form of an ascending triangle. The Measured Move over the top takes it to 67. The third comes from the Harmonic Bat or should I say failed Bat. The Bat had a Potential Reversal Zone (PRZ) at 60.60, the point of the hollow triangle. As it is moving higher it is

morphing into a Crab with a PRZ at 69.50. All it needs is a catalyst or any bounce over 62.50 to get going. The Relative Strength Index (RSI) is supportive of the upside but the Moving Average Convergence Divergence indicator (MACD) is still running lower. A change to flat or a turn up would be better. Wait for a move and close over the 62.50 level before getting involved.

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