RF head and shoulders or double bottom?
RF broke out of its upward-sloping parallel channel after the Fed's hint that it may cut rates in July. Rate cuts are generally bearish for banking stocks.
RF is now in a horizontal parallel channel. Analysts remain bullish, so I still suspect it will break upward out of the channel ahead of July 19 earnings. If it holds at the current high-volume support above 14.32, it may make a head-and-shoulders chart pattern. Otherwise look for a double bottom.
On downward channel breakout below 13.70, RF is bearish. On upward channel breakout above 15.12, we have a confirmed double bottom.
RF is now in a horizontal parallel channel. Analysts remain bullish, so I still suspect it will break upward out of the channel ahead of July 19 earnings. If it holds at the current high-volume support above 14.32, it may make a head-and-shoulders chart pattern. Otherwise look for a double bottom.
On downward channel breakout below 13.70, RF is bearish. On upward channel breakout above 15.12, we have a confirmed double bottom.
