Chart of the Day – August 12, 2020

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 –

CW