DPST- Banks will thrive if rate hikes are over LONG
DPST is shown here on the 15- minute chart- This triple leveraged bank stock hit
a double bottom in late June and early July with a double bounce from the lines one
standard deviation below the mean VWAP lines anchored at pivots in mid-May. These
lines provide dynamic support and resistance unlike vertical lines from pivots. From
the VWAP breakout, price has crossed over the mean VWAPs and is not at the level of
the volume profile's POC line and the one standard deviations above the mean VWAP.
The two time frame RSI indicator shows the lower time frame rising from below 20
to over 50 and crossing over the higher black line TF RSI is for me a clear and convincing
sign of bullish momentum in its extreme form.
Fundamentally, bank stocks are gaining in the federal news data regarding CPI and PPI.
Based on this analysis, I will take a long trade here targeting the second deviation lines
at about $70.5 representing about a11% upside in one week or less.
a double bottom in late June and early July with a double bounce from the lines one
standard deviation below the mean VWAP lines anchored at pivots in mid-May. These
lines provide dynamic support and resistance unlike vertical lines from pivots. From
the VWAP breakout, price has crossed over the mean VWAPs and is not at the level of
the volume profile's POC line and the one standard deviations above the mean VWAP.
The two time frame RSI indicator shows the lower time frame rising from below 20
to over 50 and crossing over the higher black line TF RSI is for me a clear and convincing
sign of bullish momentum in its extreme form.
Fundamentally, bank stocks are gaining in the federal news data regarding CPI and PPI.
Based on this analysis, I will take a long trade here targeting the second deviation lines
at about $70.5 representing about a11% upside in one week or less.