Banks Are Breaking Out
Chris Kimble | Oct 24, 2017 12:03PM ET
Banks are flying high and breaking out.
We have recently highlighted positive bank patterns and three weeks ago noted that the banking sector was sending bullish signals and that Regional Bank ETF KRE looked ready to break out of a bullish flag pattern.
The KBWB is breaking above highs hit earlier this year at (2) and back above channel resistance at (3). Banks continue to send a bullish message to this important sector and potentially the broad market.
Full Disclosure: Premium and Sector Members have been overweight banks for several months and continue to like what we see, from a Power of the Pattern perspective. Multiple banks positions are owned and we continue to bring up stops to protect gains.
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