Today, I'm going to be analyzing the stock of BB&T (NYSE:BBT).
BB&T Corporation is a financial holding company. BB&T conducts its business operations primarily through its commercial bank subsidiary, branch bank, and other non-bank subsidiaries.
Now that we have the basics of how BB&T operates, let's take a look at the chart. The most outstanding feature to me on this chart is the long term trend line. This trend line touches five price points, making it a very powerful and important trend line in the future.
The RSI is trending over the midpoint 50 line, indicating a strong trend. Plus, all of the Trade Triangles are green and positive. The last major trend Trade Triangle signal was on 12/13/13 at $35.58.
Lastly, there is a Twin Valley chart setup and a pivot point, indicating that this stock can move higher. The last area of resistance is the $36.59 level.
BLACK CHART NUMBERS
1. Classic trend line touching 5 points.
2. Resistance now support.
3. RSI trending over the 50 line.
4. Last area of resistance at $36.59.
5. Twin Valley chart setup.
6. Pivot point
7. Upside target zone
To summarize, I expect the current trend in BB&T to continue unless I see otherwise from the Trade Triangle technology.
If I'm are correct in my analysis, BB&T (NYSE:BBT) could potentially move up to the $37.00 and $40.00 levels longer term.
Every success in the market and have a great trading day,