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Regional bank stocks have enjoyed positive price momentum as concerns about the industry's survival and anxiety about deposit withdrawals have abated.
Tuesday marked the first time since the failures of Silicon Valley Bank and Signature Bank in March that the SPDR S&P Regional Banking ETF (NYSE:KRE), the largest ETF tracking a wide portfolio of regional bank stocks, approached a key resistance level marked by the 50-day moving average.
The regional bank stock gauge has already surged more than 20% from its lows on May 4, when it delivered a trend reversal signal commonly known as "bullish divergence on RSI" to technical analysts.
Banking equities reached fresh lows earlier this month, but the momentum indicator deviated from the price action and rebounded to the upside. This divergence is used by technical analysts to identify a potential bottom in a stock or index, since rising momentum in the RSI oscillator may suggest a depletion of bearish forces.
As of the time of this writing, the regional banking ETF continues to trade approximately 33% below its levels prior to March's banking crisis.
Chart: SPDR S&P Regional Banking ETF Tests 50-DMA
Key Stocks Driving The Rally In Regional Banks
Regional Banks Still Trapped Near The Lows
Read next: Jamie Dimon Says JPMorgan's Stint Of Buying Struggling Regional Banks Is Likely Over
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