The banking sector and select stocks are moving higher and producing buy signals.
Today we share 2 charts of bank stocks that we like: JPMorgan (JPM) and CitiGroup (C).
JPMorgan (JPM) recently broke out over its down-trend line. This came after a successful test of lower channel support.
JPM looks poised to retest its highs; I have a price target of $170. For those that need to minimize risk with a hedge, they could look to short the S&P 500 ETF (SPY).
JPMorgan (JPM) Chart
CitiGroup (C) looks like a repeat of JPM. Same setup here with a price target of $80-$82.
CitiGroup (C) Chart
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
