Long

US Banks & Financial Sectors are ready for another fabulous rise

By NaranjCapital

Nasdaq Banks

The bank index has been on a rollercoaster ride, witnessing numerous price fluctuations.
Following the breakout of the double bottom pattern, the index surged and formed a Rising Wedge pattern.
However, once the pattern broke downwards, the bank index experienced a significant decline.
Upon hitting a support level around 2,650, the index established a Double Bottom pattern, signaling a potential trend reversal.
Subsequent to the breakout above the neckline, the bank index began consolidating within a tight range.
Most recently, another breakout has occurred, setting the stage for a potential upward rally.

S&P 500 Financials

After the market crash in 2020, the index fell into an oversold zone and stayed in a period of consolidation within an Ascending Triangle formation.
Following this breakout, the financial index experienced a strong rally to the upside.
However, it struggled to break above the 700 level and began to decline.
Subsequently, the index went through a lengthy consolidation inside a Box formation.
After another breakthrough, the index surged once more and created a bullish Pole & Flag pattern.
With a recent breakout, the financial index is poised for another upswing.

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