RF broke out of its upward-sloping parallel channel after the Fed's hint that it may cut rates in July. Rate cuts are generally bearish for banking stocks.
RF is now in a horizontal parallel channel. Analysts remain bullish, so I still suspect it will break upward out of the channel ahead of July 19 earnings. If it holds at the current high-volume support above 14.32, it may make a head-and-shoulders chart pattern. Otherwise look for a double bottom.
On downward channel breakout below 13.70, RF is bearish. On upward channel breakout above 15.12, we have a confirmed double bottom.
RF is now in a horizontal parallel channel. Analysts remain bullish, so I still suspect it will break upward out of the channel ahead of July 19 earnings. If it holds at the current high-volume support above 14.32, it may make a head-and-shoulders chart pattern. Otherwise look for a double bottom.
On downward channel breakout below 13.70, RF is bearish. On upward channel breakout above 15.12, we have a confirmed double bottom.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.