With gains of 7 spots yesterday and 39 spots in the last month, MetLife (MET) has returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time since January of 2017.
Accumulation in MetLife (MET) shares has accelerated dramatically in the last month. The recent breakout over $42.00 completed a bullish Ascending Triangle and after retesting the breakout point as new support, the shares have continued to advance. One could also look at the recent quick rally up from near $36.00 toward $47.00 and brief consolidation near $46.00 as a Flag pattern with yesterday’s breakout over $47.50 kicking off the second upleg.
Initial upside resistance appears between $50.00 and $51.50 where a round number, previous high and measured move converge, followed by a cluster of measured moves in the $55.00 to $58.00 range. Initial support moves up to the $47.50 breakout point from $45.00.
MetLife has completed a series of breakouts recently, completing a bullish Spread Triple Top pattern followed by a larger Spread Double Top, both combining to signal the start of a new advance which has carried the shares toward their highest levels in five years.
Initial upside resistance appears in the $50.00 to $50.60 area where a round number converges with the 52-week high., followed on trend by $53.75 based on a horizontal count and $58.15 based on a vertical count. Initial support appears near $44.95 based on a 3-box reversal.
With a bullish SMAX score of 8, MET is exhibiting near-term strength against the asset classes.
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