A Bullish Reversal Pattern for KeyCorp
Published on Thursday, 28 June 2012 04:24 Written by TradersHuddle Wire
New York, June 28th (TradersHuddle.com) - Shares of KeyCorp (NYSE:KEY) ended the trading session higher by $0.06 or 0.73% from its previous close. KeyCorp's price action in the session formed what is considered to be a Hammer, where bears drove prices lower intraday. However, the strong finish indicates that bulls regained control, forming a trend reversal.
KeyCorp (NYSE:KEY) operates as a holding company for KeyBank National Association that provides various banking services in the United States. The Company provides a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services to individual, corporate and institutional clients.
KeyCorp's stock has been trading in a well defined range with calculated support at $7.00 and resistance at $7.71. This range can be used by traders to plan their next moves.
Traders wanting to establish a position in KeyCorp or traders that are already holding the stock can use the hammer formation to their advantage, since the pattern signal a potential bullish trend reversal.
The Hammer is an important candlestick pattern, as it can mark bottoms and support levels. Further buying pressure, and preferably on expanding volume, is needed before acting, as heavy volume will serve to confirm the validity of the reversal.
In the case of KeyCorp, traders who want to add to their positions or start a new position, need to watch for confirmation of the reversal. Below a Hammer illustration:
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