Capital One Financial Corp. (COF) has consistently been in the Green Favored Zone of the SIA Russell 1000 large cap Index Report since December 2020, with the shares up 77.11% over that time. Yesterday, they moved up 4 spots to 23rd place.
This past June shares topped out around a closing price of $166.29 and fell into a range between $165-$149 for all of July and into the start of August. This past Tuesday, shares of COF broke out to the upside and closed higher two days in a row creating a new all time high of $174.55.
This breakout signals renewed investor interest and the potential for another upleg to continue. On the candlestick chart initial resistance may emerge near the $194,76 level which is a 100% weekly Fibonacci Extension, and then the $200 round number. Initial support appears at the range breakout area and prior resistance level of $165.
Following a trading range for most of the summer, recent trading in shares of Capital One Financial Corp. (COF) suggests that this range has ended and that accumulation has resumed. Looking at the 1% Scale on the Point and Figure chart we can see that price has confirmed 2 Bullish Double Top Breakout formations with the close above $165.61 and then $167.27.
The shares made a new all time high of $174.55 yesterday. A horizontal count suggests next potential resistance may appear near $182.94 level, followed by the $200.00 round number. Initial support appears near $165.61 based on a 3-box reversal, followed by the $154.47.
With a bullish SMAX score of 10, COF is exhibiting strength against the asset classes.
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