NYCB is breaking out of its downtrend, breaking above 50SMA
After the miss in August (www.tradingview.com/...IKw3IK-NYCB-long-IF/) I am taking another run at NYCB. I think at 1.2x TBV, a forward P/E of 7 with growing earnings and a 7% dividend yield this is an attractive proposition.
I think a good first target is around 10.70 - 10.78 where the 38.2% retracement of the drop since August and the upper edge of the volume control band are. A SL would be reached for me, if the stock were to drop below its 2023 YTD VWAP (red line).
I think a good first target is around 10.70 - 10.78 where the 38.2% retracement of the drop since August and the upper edge of the volume control band are. A SL would be reached for me, if the stock were to drop below its 2023 YTD VWAP (red line).
Comment:
Just like yesterday the stock made a new one-week high intraday, and just like yesterday
NYCB
got sold relentlessly during the last 30 minutes of trading. Today it was severe enough to push the stock into the red after having been up almost 2% intraday. We're at the psychologically important $10 mark, but I don't think this accounts for all of the phenomenon. The selling late in the day seems indicative of institutional supply, i.e. a large holder is liquidating their position. With that possibility in mind, I'd guess that we may be stuck with this pattern for at least a couple more days.
NYCB
got sold relentlessly during the last 30 minutes of trading. Today it was severe enough to push the stock into the red after having been up almost 2% intraday. We're at the psychologically important $10 mark, but I don't think this accounts for all of the phenomenon. The selling late in the day seems indicative of institutional supply, i.e. a large holder is liquidating their position. With that possibility in mind, I'd guess that we may be stuck with this pattern for at least a couple more days.
Comment:
So, we're in the last hour of trading today, and NYCB is up 6% on the day, following the Fed's announcement. I am really curious whether the big seller of the last few days is going to use the strength in the stock to exit whatever position they may still have, or whether the revised Fed dot plot might have changed their outlook.
Comment:
The stock resisted any selling in the last hour. In fact, despite tremendous volume (highest volume hour since the morning following the last quarterly earnings), the stock went even higher, closing up 7.3%, I think those who wanted out got out, or changed their mind. That said,
NYCB
has shot from the bottom of its 1-month trend channel straight to the top. So, I won't be too disappointed if we need some time to consolidate this explosive move.
NYCB
has shot from the bottom of its 1-month trend channel straight to the top. So, I won't be too disappointed if we need some time to consolidate this explosive move.
Trade closed: target reached:
NYCB gapped above my PT1 this morning and reached the 50% retracement level of the July-November drop. It's a 13% jump in just 3 days since I opened the position. For anyone with a shorter time frame, this is a good a time to take profits. My interest in NYCB is longer-term, So, I will only take a small amount off here.