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Banks breakout of upper level basing pattern-

Courtesy of ZeroHedge. View original post here.

Since the first of this year, banks didn’t have much to brag about, as they lagged the broad market to the upside. While lagging, they potentially built a base that could reward the owners of banks for a while going forward.

Below looks at the Bank Index (BKX) over the past 6-years-

CLICK ON CHART TO ENLARGE

Potential that the sideways choppy action in the BKX index this year was an upper-level base to spring higher off of.

This week the BKX index broke out to the upside at (1), which is bullish price action for this key sector.

Full Disclosure- Premium Members are overweight this key sector since the lows earlier this year, they own XLFC & GS


 

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