Signature Bank : Benefit from the uptrend
By Etienne Veber
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
$120.41 | $0 | $115.9 | -100% |
The company shows strong fundamentals. Firstly, the high valuation of the group shows a great investors confidence in it because there are willing to pay a high price for the stock. Moreover, the consensus revised upward EPS estimates for this year and the next one; that let see a great potential for the security on the stock market.
Technically, the security shows a bullish configuration on all time scales. Prices are supported by increasing moving averages and the pullback on the rising wedge(USD 120) give another argument for a return on the recent highs.
Thanks to these good indicators, it seems relevant to take a long position in Signature Bank around USD 120. The target price is the USD 128.7 resistance. A stop loss will be set under the USD 116.8 short term because a breakdown of this level would damage technical pattern.