US Banks & Financial Sectors are ready for another fabulous rise for NASDAQ:BANK by NaranjCapital

US Banks & Financial Sectors are ready for another fabulous rise

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.

NaranjCapital

🌐 naranjcapital.com
🎖️ CMT (usa) & CFTe (usa) chartered

🇺🇸 Telegram - USA Stocks Trading Advice
t.me/Naranj_USA

🇸🇦 Telegram - Saudi Stocks Trading Advice
t.me/Naranj_KSA

🤝 Contact Us
bio.link/NaranjCapital

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.