Bank Stocks Round Up - Higher: RF, WFC, ZION

Published on Friday, 27 January 2012 16:46 Written by Gerard Lerod

New York, January 27th (TradersHuddle.com) - The KBW Bank Index closed higher at $42.87, which represents 0.73% from its previous close. The bank index exhibited strong upside with 20 index components on the plus side.

Regions Financial (NYSE:RF) was the top performer of the banking index, closing at $5.31 representing 2.71%. versus the previous trading session. Shares of Regions Financial, the Alabama based regional bank have defined support at $4.53 and resistance at $5.46.

Wells Fargo (NYSE:WFC) was also among the top performers, closing at $29.6 representing 1.89% from its previous close. Wells Fargo, the San Francisco based diversified financial services Company has calculated support and resistance levels at $25.18 and $31.04 respectively. The other top performer was Zion (NASDAQ:ZION), which traded at $16.89 representing 1.87% from the previous trading session.

The bank's worst performers include JP Morgan (NYSE:JPM) that closed at $37.21 or -0.75% from the previous close. Shares of JP Morgan, the second largest U.S. lender have defined support at $34.50 and resistance at $37.94. Also among the worst performers was BB&T (NYSE:BBT), which is currently trading at $26.95 representing -0.33% from the previous trading session.

Today, the banks outperformed the broad market index S&P 500.