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Marty Chenard

Marty Chenard

Marty Chenard is an Advanced Stock Market Technical Analyst that has developed his own proprietary analytical tools and stock market models. As a result, he…

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BKX Close to First Resistance

As you know, the economy and a strong Banking system go together.

Today, we posted the updated Banking Index chart of the $BKX.

When you look at the chart, look at the pricing bars and note how the daily price bars made a lower/high in November-December of 2015 and then a lower/low in January-February of this year.

And then, this June and July, the Banking Index made a higher/high (relative to its May 25th. 2016 high) and has risen above its down trending channel which is a positive.

In order to have a nice new up trend, the Banking Index has three important levels to move past: They are approximately at 71.53, and then 77.14 and 80.87. 

Yesterday the Banking Index closed at 71.30 so it was about three tenths of one percent away from is first resistance point.

BKX Daily Chart

 

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