Is this a Reversal Pattern for Regions Financial ?
Published on Monday, 02 July 2012 04:54 Written by TradersHuddle Wire
New York, July 2nd (TradersHuddle.com) - Shares of Regions Financial Corporation (NYSE:RF) ended the trading session higher by $0.21 or 3.13% from its previous close. Regions Financial'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.
Regions Financial Corporation (NYSE:RF) is a regional multi-bank holding company. The Company provides mortgage banking, leasing, commercial accounts receivable factoring, specialty mortgage financing, and securities brokerage services. Regions provides banking services throughout the South, Midwest, and Eastern United States.
Regions Financial's stock has been trading in a well defined range with calculated support at $6.25 and resistance at $6.80. This range can be used by traders to plan their next moves.
Traders wanting to establish a position in Regions Financial 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 Regions Financial, 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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