Good technical signals and a possible breakout for REGIONS FINANCIAL CORP.

REGIONS FINANCIAL CORP (RF)       20.07   +0.2 (+1.01%)

After market: 20.07 0 (0%)

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Good technical signals and a possible breakout for REGIONS FINANCIAL CORP.11 days ago - Chartmill

Our stock screener has spotted REGIONS FINANCIAL CORP (NYSE:RF) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:RF.

RF Daily chart on 2022-09-21

Technical Analysis Observations

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Taking everything into account, RF scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, RF is only an average performer.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • RF is part of the Banks industry. There are 312 other stocks in this industry. RF outperforms 83% of them.
  • In the last month RF has a been trading in the 20.82 - 22.80 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
  • Looking at the yearly performance, RF did better than 90% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
  • RF is currently trading in the middle of its 52 week range. The S&P500 Index is currently trading in the lower part of its 52 week range, so RF is still doing slightly better than the market.

Why is NYSE:RF a setup?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:RF scores a 9 out of 10:

Besides having an excellent technical rating, RF also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 22.47. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 22.1, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:RF?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Of course, there are many ways to trade or not trade NYSE:RF and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.


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