Technical Pulse: SPDR S&P Regional Banking ETF (NYSEARCA: KRE) March 13, 2023 523

 

SPDR S&P Regional Banking ETF (NYSEARCA: KRE) Potential continuation of the bearish momentum with the confluence of a bearish heads and shoulders and consolidation wedge breakdowns.

 

  1. The price has broken down the US$57.30 neckline of a bearish heads and shoukders formation coupled with breaking down a consolidation wedge simultaneously, which provides a bearish signal for further downside.
  2. The price could continue to trade lower to retest the support zone at US$36.30-40.30, when calculating the target area for the heads and shoulders breakdown by taking the height from the neckline to the head (US$19.69) and projecting onto the breakdown point at US$57.30.
  3. The support zone is also confluent with a 78.6% Fibonacci retracement level at US$36.42, calculated using a swing high of US$76.94 and swing low of US$25.38.

 

 

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

 

 

 

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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