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ChristopherCarrollSmith

RF downward channel breakout

Regions Financial Corporation (NYSE:RF)  
ChristopherCarrollSmith Updated   
NYSE:RF   Regions Financial Corporation
Chart Patterns Parallel Channel financial Stocks banking channelbreak
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chartpattern parallelchannel financial stocks banking channelbreak
I've liquidated my long position in Regions Financial after this morning's downward channel breach. RF is still in its horizontal channel, so in the medium term this stock is looking neutral. In the short term, it may head to channel bottom.
Comment:
RF's downward breakout proved to be a false breakout, as sometimes happens on seasonally bad trading days (which this was). Since then it's not only maintained its adjusted upward channel, but also peeked just a bit above the horizontal channel. It should attempt upward breakout soon.

snapshot

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