The following day after the US Election 2016, the share price broke its S-Trader Trend Tracker resistance level and rallied for a month reaching a high of USD91.38 on 8 December 2016. Thereafter, the share price traded side way.
Daily chart of Capital One Financial.
Once again the share price break out its side way range and overcame its S-Trader Trend Tracker resistance on 15 Feb 2017, it rallied to a new High of USD96.92 on 1 March 2017.
Notice that the breakout action, the amount of volume activity as compare to the rally the day after US election 2016 recorded quite a low participation. This indicates potential weakness behinds the rally.
It doesn't take long to wait to see the true picture.
The share price starts to slide following the next day (2 March 2017) and broke the S-Trader Trend Tracker Support level on 17 March 2017 with closing price of USD88.23.
Check out the previous post in my blog on the recent events (included quarter earning report). Q1 2017 Earnings Fall as Charge-Offs Increase
Interestingly, the share price slides before the news on quarter earning report and branches closure, as mentioned in the previous post, been released to the public.
Source :
1) Metastock
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