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Technical Chart- Financials Break an Important Technical Trendline
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The last couple of trading days have been characterized by relative strength in the financial sector. When observing the charts one can see that the price broke its major downtrend line and managed to close a weekly high. Even though financials, including banks and brokers are reviving from the recent downfall (see Bank of America's chart), the current uptrend could be characterized by pullbacks. Yesterday's session finished with a possible hanging man, after presenting a doji like candlestick.
From a technical point of view the trend is still bullish, but it is important to note that the major indices haven't yet formed a healthy correction. Caution should be taken around current levels
Technical Chart - Daily Financials
Technical Chart - Weekly Financials
Bank of America
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