Bank of America (#BAC) bullish engulfing candlestick pattern off the earnings report back above the 38.36 level and closing a few gaps. However, several gaps below down to the 24.96 area remain present. Downward pressures remain relevant to the stock security.
Citigroup (#C) nothing has changed with the initial outlook for this stock. There still remains a large gap around 43.50; well below the current price of 52.79 pre-market.
Capital One Financial (#COF) direction remains down to sideways with steep gaps between 107 to 113. Current price is 137.98.
JP Morgan Chase (#JPM) has remained below our resistance level and sitting at a potential support area; however, banking pressures remain overall. Current price is 128.46 with steep gaps below to the 105 to 110 area. Watch for downside continuation in the banking sector.
Until the complexion of the banking industry changes – the outlook remains bearish to neutral in terms of stock option strategies.
Wells Fargo is the strongest of the bunch. Speaking of Wells Fargo (#WFC) I’d be looking for 43 targets, while there is steep downside gap risk towards 34 area; just something to keep relevant on the charts.