No one correctly “Named That Chart,” from my last post, with a rare stump of the readership. Admittedly, it was a tough one this week.
However, it was well worth the effort because it is an actionable long idea headed into this week, at the cross-section of the resurgent Japanese stocks as well as regional banks.
The mystery chart was Sumitomo Mitsui Financial Grp, Inc.(ADR), seen on the first chart below of the monthly.
The second chart is the daily timeframe, which shows a solid breakout above well-defined resistance for SMFG.
So there you go–A Japanese regional bank.
I want to flesh this out a bit more later, relating to the regionals and some price action we saw last week. But I already gave tight analysis on it in my latest Weekly Strategy Session published, earlier today. Check it out!
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Dangit I was close haha 😉
Thoughts on EWW?
Neutral on it here. Need to see weakness again to think short.