Wednesday, November 15, 2017 12:36:37 PM
Since the start of November, leading regional bank stock, U.S. Bancorp (NYSE:USB), has been pulling back on the charts. On November 2, 2017, USB stock traded as high as $55.08 a share, today the stock is trading at $52.02 a share. 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.
Traders must now watch the $49.00 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 it is retested. It is always important for traders to know where they are wrong, so I would place a stop-loss below the $47.00 level using a weekly chart close. The upside targets for USB stock would be $55.00 as a first target and ultimately $60.00 a share as the final target.
Nicholas Santiago
InTheMoneyStocks
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