Chart of the Day - Monday, July 17, 2023

By Patrick Dunuwila

July 17, 2023
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Today’s Chart of the Day was shared by Peter Brandt (@PeterLBrandt). Peter points out that the Regional Bank ETF ($KRE) is carving out a potential bottom after forming an inverted head & shoulders pattern over the past four months. Price is testing the neckline around $45 as it attempts to break out of this bullish pattern. Ironically, the crash in Regional Banks started with a head & shoulders top earlier this year, and it could end with a head & shoulder bottom.

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Patrick Dunuwila

Editor, The Chart Report

Patrick Dunuwila is the Co-Founder and Editor of The Chart Report, a popular technical analysis newsletter read by thousands of investors worldwide every day. Patrick is a Chartered Market Technician (CMT) with over a decade of market experience. Prior to launching The Chart Report, he worked as a proprietary trader at Benchmarq Technologies in New York City. He's originally from Syracuse, NY, and currently resides in San Diego, CA.

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