Comerica Incorporated, through its subsidiaries, provides financial
products and services primarily in Texas, Arizona, California, Florida,
and Michigan. The company operates in three segments: Business Bank,
Retail Bank, and Wealth Management. The Business Bank segment offers
various products and services, including commercial loans and lines of
credit, deposits, cash management, capital market products,
international trade finance, letters of credit, foreign exchange
management services, and loan syndication services to middle market
businesses, multinational corporations, and governmental entities. The
Retail Bank segment provides small business banking and personal
financial services consisting of consumer lending, consumer deposit
gathering, and mortgage loan origination. The Wealth Management segment
provides products and services, including fiduciary services, private
banking, retirement services, investment management and advisory
services, and investment banking and brokerage services.
Please take a look at the 1 yr. chart of CMA (Comerica Incorporated)
that I have shown below with my added notations:
CMA has formed a long channel upward over the last (8) months. A channel
is simply formed through the combination of a trend line support that
runs parallel to a trend line resistance. When it comes to a channel
any (3) points can start the channel, but it’s the 4
th test
and beyond that confirm it. You can see that CMA has multiple test
points between the channel resistance (blue) and the channel support
(red). Following the CMA channel can provide you with both long and
short trading opportunities.
The Tale of the Tape:
CMA has formed a common chart pattern know as a channel, in this case,
an up-channel. A long opportunity could be entered on a pullback to the
channel support, which is approaching $40. Short trades could be entered
at channel resistance OR if CMA were to break below the channel
support.
Please share this article
No comments:
Post a Comment