ZION Swing Long Setup off 38.2 Percent Retracement

Stock Trader Lance J

Stock Trader Lance J

Zions Bankcorporation looks like an interesting swing long setup off a 38.2 percent Fibonacci retracement level.

ZION_chart.png


Large players volume is slowly creeping higher and the Twiggs Money Flow is signaling the stock is under accumulation.

I would prefer to wait one more day to verify a candle over candle reversal off retracement support.

A lot of banking stocks have strong technical charts which suggests money continues to slowly move into the financial sector.
 
zdreg said:
sign of another too big to fail bailout coming?
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Everything changed for banks after a few weeks ago and the passing of second level stress tests that allowed banks to do share buybacks and increase dividends. Now banks are playing catch up to the rest of Wall Street with buybacks and dividend hikes. Even Buffett cashed in billions worth of warrants for common shares so he could collect the dividend.

Too many people over the internet especially, trying to be the contrarian and claim the sky is falling and they've said that about banks since 2011 and have been wrong. Most times it's better to not think and just go running with the Bulls. Although somebody always ends up being the dummy who is too close to the Bull and gets trampled to death. Just make sure you're not that unlucky guy and you'll be fine.
 
zdreg said:
sign of another too big to fail bailout coming?
More...
@zdreg why would a bail out be needed ? While not spectacular, Bank earnings have been healthy and any increase in interest rates only helps margins. Not to mention all the major players just passed stress tests.

@Stock Trader Lance J Your C call is still looking ok. Care to expand on the term "pocket pivot" you used in the C thread ? Thanks
 
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