What's Driving Regional Bank Stocks Tuesday? KRE ETF Tests Key Resistance Amid Bullish Reversal Signals
Portfolio Pulse from Piero Cingari
Regional bank stocks have experienced positive price momentum as concerns about the industry's survival and deposit withdrawals have eased. The SPDR S&P Regional Banking ETF (KRE) approached a key resistance level marked by the 50-day moving average for the first time since March. The ETF is still trading approximately 33% below its pre-crisis levels.
May 23, 2023 | 7:59 pm
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The SPDR S&P Regional Banking ETF (KRE) has experienced positive price momentum as concerns about the industry's survival have eased. The ETF is still trading approximately 33% below its pre-crisis levels.
The easing of concerns about the industry's survival and deposit withdrawals has led to positive price momentum for regional bank stocks. This has resulted in the KRE ETF approaching a key resistance level marked by the 50-day moving average for the first time since March. However, the ETF is still trading approximately 33% below its pre-crisis levels, indicating that there is still room for growth.
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