Bouncing back from a brief dip into the yellow zone, US regional bank M&T Bank (MTB) recently returned to the Green Favored Zone in the SIA S&P 500 Index Report. Yesterday, MTB finished in 100th place, up 7 positions on the day and up 74 spots in the last month.
Earlier this year, M&T Bank (MTB) staged a major breakout over $160, a resistance level that had been in place for over two years, completing a large bullish Ascending Triangle base. Since then, the shares have been trading in a higher range with $160 reversing polarity to become new support, and new resistance emerging near $185.
Bouncing up off of a successful retest of long-term uptrend line support, the shares appear to be on an upswing within their current range. A breakout over $185 to a new high would signal the start of a new upleg. Should that occur, next resistance could appear near $195 or $210 based on measured moves, or the $200 round number.
It appears that a downswing in M&T Bank (MTB) shares that started back in February has ended and that their long-term uptrend has resumed. Back in April, the shares bottomed out at another higher low, keeping their underlying upward trend intact. More recently, the shares have completed a bullish Double Top breakout and snapped out of a downtrend, both indicating that a new upswing has started.
Initial upside resistance appears in the $185.00 to $187.50 zone, which would be a retest of the February peak and the top of the current trading range. Following that, a horizontal count suggests potential resistance near $195.20 Initial support appears near $166.45 based on a 3-box reversal.
With a bullish SMAX score of 6, MTB is exhibiting strength against the asset classes.
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