KRE – the regional bank ETF – might be breaking out here. Yields have been back on the rise, which is great for banks (particularly regional banks). The below is KRE’s 1-yr, daily Fibonacci chart. After breaking above its 38.2% retracement on Monday, it is now closing in on its 50% retracement, which is currently 43.32.
Additionally, KRE broke above its downtrend (orange) this week @ 40.25, and coming into today, volume has picked up this week vs. last. Banks are an interesting long idea here with rates (seemingly) moving higher –
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