AI
Monday, September 17, 2018 1:18:18 PM
Leading online financial services company, ETRADE Financial Corp (NASDAQ:ETFC), has been slumping since early June 2018. At that time, ETFC stock traded as high as $66.46 a share. Since that high pivot, the stock has declined lower, today it trades at $53.46 a share. Traders and investors should note that ETFC stock is now trading below its important 50 and 200-day moving averages. This position on the chart puts the stock in a weak technical position. Traders must now look lower for major chart support. The next key support area will be around the $50.00 level. This is where the stock was defended in February 2018. Often, when a stock back tests a major support level it will be defended again. This level interests me for a long side swing-trade in ETFC stock.
Nicholas Santiago
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