This Regional Bank Stock Is Vulnerable
InTheMoneyStocks.com | Nov 15, 2017 02:08PM ET
Leading regional bank stock US Bancorp (NYSE:USB) has, since the start of November, been pulling back. On November 2, 2017, USB traded as high as $55.08 a share. Today it's at $52.02. The one negative for the stock is that it is trading below its 50- and 200-day moving averages. This chart formation tells us that the stock is vulnerable to lower prices in the coming weeks.h3 Support To Watch/h3
Traders must now watch the $49 area as the next major chart support level. This level was defended in September 2017 by the institutional money and it should be defended again when retested. It's always important for traders to know where they are wrong, so I would place a stop-loss below $47 using a weekly chart close. The upside targets for USB are $55 as a first target and ultimately $60 a share as the final target.
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