Over the 50% fib retrace of the Jan 2011 to Oct 2011 range. Back over the MA(50)d, which is over the rising MA(200)d, with the MACD signal line about to yield a positive histo again. We see a quick test of the $38.50 and a move the the $40 mark, which is also 61.8% retrace of the range. On the way, it will fire a new buy signal on the classic P&F Chart, which already has a PT of $56.
The sector is also breaking out but $C is outperforming. Cost cutting suggests a focus on margin and not just expansion. And we see much more room for cuts that will bring more action...especially now that the market is telling management that they are on the right path.
Virtually no div now and few with little cap gains, so no fear of en mass EOY selling. And expecting market rate dividends to be allowed again in early 2013, so that will bring new buyers. Europe and Asia also seem to have turned the corner. Should be a nice place to hide till the fiscal cliff nonsense is over.
After a day pause painting a flag, $C is off and running once again, aiming clearly for a test of $38.50. Still time to jump on aboard on any intraday weakness or breakouts, as this out performance move has really not been widely spotted by the press.
Post the breakout, $C has been building a high base / bull flag. And it would seem that we just broke out the primary resistance trendline, and now on a throwback, where we expect what was resistance will not be support. Expecting a new close above $38.47 soon, given the MACD day histo only now turning posisitve, which should launch the next phase of the rally to $43 & $51.50, the post crisis high.