Union bank is making ABCD harmonic pattern in 15 minutes chart. If open without gap up or gap down and sustain above PRZ(Potential reversal zone). We can consider it for long position. This is for education purpose only.
Wells Fargo & Company ( NYSE:WFC ) Sector: Wells Fargo & Company (Major Banks) Market Capitalization: 210.571B Current Price: $54.19 Breakout price: $54.40 Buy Zone (Top/Bottom Range): $54.10-$51.60 Price Target: $58.90-$59.40 (1st), $65.40-$66.20 (2nd) Estimated Duration to Target: 43-47d (1st), 100-105d (2nd) Contract of Interest: $WFC 3/18/22 55c, $WFC...
Looking for short entries. Above 46 would be stop loss. Citigroup is a very weak stock compared to the market so it is a good short hedge against other long positions. Expecting it to re test recent lows.
Confirmation: 103.60 Invalidation: Local high Type of Trade: Countercyclical (EMA50 above EMA200) Target: 92.19 TF:4HR Leverage: 2x Pattern: 1) daily double top with 2) trendline break, 3) untested 8/1 Gann, and 4) frothy fundamentals (insufficient loan loss provisions).
The fundamental analysis of this is fairly easy. Mergers are good for stocks. Why? Because it usually means increasing profitability. Why? Because it oftentimes leads to reducing inefficiencies and eliminating two teams that could be consolidated into one whether its with commercial banks, foreign exchange desks, etc. This merger would lead to the cutting of...