Bankstocks
PNB CHANNEL BREAKDOWNHello guys, the last two trades SRTRANSFIN & SIEMENS given here have both hit their 3rd targets and it was sooner than I expected.
Now the stock that can be seen breaking a long time range is PNB. So now PNB, as seen on a weekly timeframe is making a bearish flag and pole pattern and on a Daily timeframe has given a breakdown from channel which was it's long time trading range.
The pattern was broken and it closed 2% below the channel (went as far as 4%), which looks to me a great bearish move.
RSI is in weak zone.
MACD just turned bearish.
I have many greater targets for long term swing traders on the short side because this seems in a forever downtrend but let's do with this now.
Please LIKE, COMMENT and SHARE to motivate and support me. I'll keep on posting new ideas on Indices & Stocks. Be sure to follow so that you don't miss any good trades that might have been rewarding.
Any comments and critiques will be appreciated even if it's of opposite view as a trader can also be right so many times.
NYCB - Swing Trade
Buying in now at $12.59
Sell at $14
New York Community Bancorp is trading below fair value. I anticipate when tech stocks make reversal we will see bank stocks gain more steam as investors swing back into more value stocks.
RSI is at ideal level, and Squeeze Indicator is showing good momentum.
Axis Bank BreakoutThe stock has broken out and retested, therefore may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 3:1
SL is placed below support zone & the lower trendline. The target is placed based on fundamentals and near swing high.
Long STBLong STB. Buying zone 26 - 27 when it retest support with no demand.
Stoploss: 24.5
Target: 47
ASX:CBACommonwealth Bank, one of my safer stocks to watch.
With an uptrend that felt like it would never end, we finally have a good buying opportunity on our hands.
Uptrend and downtrend are both coming to a squeeze on a support/resistance line.
Looking to buy in around the $98 support if price holds.
Otherwise letting it drop and hoping to get in at the $87 support line.
DYOR
I hope this helps someone
BAC Getting Back To $40.80 - Resistance On The DailyBAC is finally back above $40.50 but now the fight starts at $40.80. It was a previous level of support this quarter now I think it could be a resistance level on the daily chart. Wit the stress test news, it wouldn't surprise me if it waffles a bit around here then hopefully breaks. I'm long right now with both stocks and options on the company.
IF/WHEN $40.80 breaks, then I'd like to see it test and break above the 50DMA sitting around $41.18. Will it happen overnight? we'll see but any major extension could be met with some profit-taking too so I'm keeping that in mind also. Option are for trading, the stock I'm in from the teens and holding long.
Wouldn't want to treat these banks like penny stocks in any way but the recent volatility has definitely brought in some trading momentum as opposed to the buy and hold peeps from earlier in the year.
Banknifty FUT can be boughtPositional Call: Buy BANKNIFTY fut near 35228 tgts 35990/37300 SL: 34455
Bank Nifty future seems to be trading in strong upside channel. Recently it has pinched a low exactly at support and interestingly low coincides with 3 candles recently at same levels. With yesterdays close it gave birth to morning star pattern which is confirmed today with a new high compared to yesterday. So overall biased for longs.
Financial Sector About To Break Out (XLF)I see a clear bullish triangle breakout formation on XLF, which is currently a leading sector in the S&P500 (with regard to relative strength).
Best Inflation Hedge: Crypto or Banks?I like to challenge the "common wisdom of the crowds" on my channel. Today I did a side by side comparison on two asset classes that according to different wisdoms will appreciate due to inflation and rising rates. The winner Year to Date may surprise a lot of new investors.
Fundamental Friday - BACFundamental Friday (BAC):
Gallacher's Fundamentals:
1. Select historically "Cheap" or "expensive" markets.
- BAC is within uncertainty range level 1.
- Financial sector is cheap, relative to tech. BAC has an 18.19 PE ratio vs 585 PE ratio of TSLA.
- BAC is neither cheap nor expensive relative to rivals in the financial sector (JPM, GS, by RSI).
2. Develop a critical eye for what is "important" fundamental information to a particular market.
- Important fundamental information in the financial sector is the longer-term Treasury yields, which I expect to rise this year. Long inflation.
- Macro trend in Quad 2, excess capital generated will be used to buy back shares.
Get (1) neutral, (2) bullish, or (3) bearish:
- Bullish
Some Warren Buffett Tenets:
Is management rational?
- BAC’s Brian Moynihan expects the bank will increase its dividend and boost its share buybacks once its passes its Fed stress tests. Last month, it announced a $25Bn share buyback plan with its excess cash.
Focus on return on equity, not earnings per share.
- ROE on a rising trend, 7.58% from 6.14% last quarter.
Calculate “owner earnings.”
- Owner Earnings = Net Income + Depreciation, Amortization +/- Other Non-cash charges - Full Capex +/- Changes in Working Capital (Assets – Liabilities or Shareholders Equity)
- 17.1B + 2B – 6.2M + 16.2B = 34.7B/8.7B = $3.99 owner earnings per share.
- Price to owner earnings: Current price = 42.36/3.99 = 10.62, vs. 18.19 PE Ratio (TTM), this is undervalued in the short-mid term.
Look for companies with consistent and high profit margins.
- Profit margin of 0.18 vs 0.1396 historical average (increasing trend).
GLHF
- DPT
KLCI FINANCE: Breakout!Following a 2 month decline in bank stocks, FINANCE index almost touched oversold on the RSI yesterday but bounced back and broke out of its downtrend line today.
Expect banks to drive KLCI rebound after Hari Raya break and offset projected decline in glove stocks.
Banknifty - Important levels for 6 May 2021Banknifty price structure still looks weak to me, and we could see another 1000 points fall in the coming week.
Immediate support I see is around 31600 levels.
Immediate resistance is around 33200.
Expecting High Volatility in the coming week, plan your trades carefully.
BANK STOCKS HAVE TOPPED SELL EVERYTHING IN BANKS WAVE STRUCTURE A ALT COUNT .We have just ended and ABC RALLY
Banks need to retraceWith a bear flag i can see banks retracing to fill some gaps. Then a new leg up will emerge
HDFC BANKS LONGPRICE GO UP AND NEXT PROFIT TAKEING AREA IS 1655 THEN MAYBE PRICE DOWN SOME AND RETRACE.NEXT IS NEXT
icici bank short and long position there is not so big deal with bank section on stocks. market is now over extended high. so market gives some retrace for grab some liquidity. atleast area is 582 and max is 527. then price go higher max area 725. stay with me for further update
View32629 is now support ..if price sustains above . Day high will be broken . You can buy future for 100- 150 points upmove . Safe can sell otm puts .
WFC Analysis Broke through (yellow) line of resistance and set a new high at 30.52. Will look to play something after another breakout of that price level (30.52) to catch newer highs.
