US Bancorp (USB) has returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time since 2012. The shares recently overtook their 2017 peak and finished yesterday in 25th place, up 1 spot on the day and up 28 spots over the last month.
Since completing a bullish Ascending Triangle breakout back in November, US Bancorp (USB) shares have been under increased accumulation, as shown by the steepening of their uptrend support line. Last month, the shares broke out over $50.00 and yesterday, they cleared $55.00 to confirm that their current uptrend continues.
Initial upside resistance appears in the $58.00 to $60.00 area where their early 2020 peak, a measured move and a round number cluster, followed by the $67.00 to $70.00 area based on another cluster of measured moves. Initial support appears near $50.00 where a round number, a recent breakout point and trend support cluster.
Earlier this month, US Bancorp (USB) shares completed a bullish Double Top breakout over $50.00 which signaled the start of a new upleg within an uptrend that has been underway since the shares snapped a downtrend line back in October and completed a bullish Spread Double Top breakout in November.
The shares are currently approaching their previous peak near $57.85 dating back to late 2019. A breakout there would confirm that the current uptrend continues with next resistance possible near $61.40 and then $66.50 based on vertical and horizontal counts. Initial support appears near $51.40 based on a 3-box reversal.
With a bullish SMAX score of 8, USB is exhibiting near-term strength against the asset classes.
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