BNKS ETF BEARISH topping pattern
Overall technical elements look toppy on US BNKS.
A head and shoulder pattern has emerged and RSI remains sluggish below 50%.
However, we are seeing a mid-term wedge/range develop - with some minor RSI divergences emerging. Short-term bounce risk.
Suggest to sell any rebounds into the zones closer to highlighted resistances in purple.
MACRO => Given the flattening in the US yield curve - it makes fundamental sense for US banks to struggle as their margins will get squeezed.
A head and shoulder pattern has emerged and RSI remains sluggish below 50%.
However, we are seeing a mid-term wedge/range develop - with some minor RSI divergences emerging. Short-term bounce risk.
Suggest to sell any rebounds into the zones closer to highlighted resistances in purple.
MACRO => Given the flattening in the US yield curve - it makes fundamental sense for US banks to struggle as their margins will get squeezed.
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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.