First BanCorp. (FBP) short.All description on the chart.
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FBP trade ideas
$FBP A possible tradeFBP can both shoot up or retrace at this point. WIth risk adjusted SL they offere great possible gains both for long and short. Longs have an I shoulder, Bears a recent potential blow off.
Rising interest rates = Buy Banks (#4 FBP)This is the benefits of watching weekly charts with a ten year perspective, this is called top down analysis from left to right and when the eyes are in the today days then I use a daily chart with different moving averages parameters.
I can observe a Flag Pattern between a big channel and the price is breaking the resistance line of this flag, this allow me propose two targets that suit the preferences of the traders
A swing trading with a close and modest target in the 7.00 area or a position trading without a specific target; why I do not give an exact target, because the trader he likes this idea can set a personal target based in your personal objectives and your risk reward profile.
On the other hand I propose position trading ideas based in my set up (Weekly Charts with Ten years Horizon) The formation of this Flag takes One year to give shape.
Why buy and hold the trade for Two Weeks only, if it takes several years to give shape this channel and the possible breakout of the channel.
The possible breakout of the resistance line of this big channel is based in strong momentum of the financial Industry
FBP - Consolidation- Weakish resistance
- Target around $3
- Space for additional consolidation before breakout
