US Banks & Financial Sectors are ready for another fabulous rise

28 jul

Nasdaq Banks

• The bank index has been on a rollercoaster ride, witnessing numerous price fluctuations.
  
• Following the breakout of the double bottom pattern, the index surged and formed a Rising Wedge pattern.
  
• However, once the pattern broke downwards, the bank index experienced a significant decline.
  
• Upon hitting a support level around 2,650, the index established a Double Bottom pattern, signaling a potential trend reversal.
  
• Subsequent to the breakout above the neckline, the bank index began consolidating within a tight range.
  
• Most recently, another breakout has occurred, setting the stage for a potential upward rally.
  

S&P 500 Financials

• After the market crash in 2020, the index fell into an oversold zone and stayed in a period of consolidation within an Ascending Triangle formation.
  
• Following this breakout, the financial index experienced a strong rally to the upside.
  
• However, it struggled to break above the 700 level and began to decline.
  
• Subsequently, the index went through a lengthy consolidation inside a Box formation.
  
• After another breakthrough, the index surged once more and created a bullish Pole & Flag pattern.
  
• With a recent breakout, the financial index is poised for another upswing.