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Friday, March 29, 2024

Regional banks testing bull flag breakout level

Courtesy of ZeroHedge. View original post here.

Assets in rising trends often create what is called a “Bullish Flag” pattern. Below looks at the price pattern of Regional Banks ETF (KRE) over the past decade and highlights that a bull flag pattern could be in play.

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Earlier this year, KRE broke above 2007 high levels. After breaking out, softness over the past few months saw KRE test 2007 high resistance levels as new support a few times at (1). While testing this support, potential that KRE has created a bull flag pattern over the past few months.

KRE short-term rally of late finds it testing falling resistance at (2), which could be the top of a bull flag pattern.

If KRE breaks out at (2) and climbs above old highs at the $58 zone, it could attract buyers on a breakout. Am important breakout test is in play for KRE this week at (2). Bank Index (BKX) is testing an important breakout level as well. What KRE and BKX does in the next couple of weeks, could be very impactful for the banking industry and broad market overall.

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