Bank Index (BKX) Continues To Send Caution To Active Investors

The banks have been sick for a while now. Check out our last post on the bank stocks for reference. Today we provide an update.

Folks, I cannot objectively say what “it” is but something is afoot at the circle K …

Whatever it is or isn’t we do have a pretty good line in the sand to watch (price support).

bkx bank index important price support chart month march

The chart above is “log scale”:

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  • Measured move PERCENTAGE CORRECTION (red arrow)
  • Percentage ABCD (blue arrows)
  • Trend line
  • Multiple ratios … 

Let’s call that price area our line in sand. If we take the chart and make it “normal” scaling that level is important and maybe a little lower. Watch that .786 retracement level!

bank index bkx downside lower price targets investing chart image year 2023

Be sure to check out my unique analysis of stocks, commodities, currencies over at Bart’s Charts.  Stay tuned and thanks for reading.

Twitter:  @BartsCharts

Author does not 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.