Uptrend in Regions Financial?Regions Financial leaped to new record highs after Donald Trump was reelected as U.S. President. Now, following a pullback, some traders may think its uptrend remains in effect.
The first pattern on today’s chart is the price range between $23 and $24. RF tested and held the bottom of this channel in the second half of December and again in the first half of January. The stock leaped above $24 on January 15 and has remained there since. Has old resistance become new support?
Second, the 50-day simple moving average (SMA) is above the 100-day SMA. Both are above the 200-day SMA. That may reflect a longer-term bullish trend.
Next, the 8-day exponential moving average (EMA) is above the 21-day EMA. MACD is also rising. Both of those signals may indicate bulls are taking charge over the shorter term.
Finally, the current price area is near previous highs from 2022 and 2023. Further gains from here could be viewed as a long-term breakout.
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