- COF price is currently trading at $116.48
- COF price is at a crucial level right now of $116.48.
COF (Capital One Financial Corp.) has a strong historical support level at $87.59, attracting buyers and resulting in upward movements each time the price approaches this level. The stock has established a new support level, with the previous low acting as reliable support.
Currently trading around $116.48, COF is approaching a crucial level at $119.12. A breakout above this level could lead to further gains, targeting $123.28 to $129.22. However, if the price is rejected at $119.12, a retracement to the $104.96 support level may occur.
The current setup of the 50 EMA (yellow line) crossing above the 200 EMA (red line) is known as a “Golden Cross,” which is a bullish signal in technical analysis. This crossover indicates a potential shift in momentum from a bearish to a bullish trend.
Both EMAs are trending upward, further reinforcing the bullish sentiment. Additionally, the fact that the current price is trading above both EMAs suggests that the stock is in a strong uptrend.
The Golden Cross and the price position above the EMAs indicate a high probability of a breakout in the upward direction. Traders and investors may interpret this as a potential opportunity to consider long positions and anticipate further price appreciation.
Relative strength index (RSI) is currently at 60.06 and is above the 50 level of RSI which shows that the buyers are still in control and also demonstrates that the bullish momentum still has strength. The RSI indicates that the price has a higher chance of giving a breakout of the $119.12 resistance level.
Conclusion
As per the current scenario, COF (Capital One Financial Corp.) is nearing its resistance level of $119.12. The indicators mentioned earlier are all showing positive signs, indicating that buyers are still in control and have the strength to potentially break above the $119.12 resistance level.
If a breakout occurs above $119.12, it could signal a strong bullish move in the stock price. In such a scenario, the next potential resistance levels to watch are at $123.38 and $129.22. These levels may act as targets for further upward movement in the stock.
However, if the price fails to break above these resistance levels, a retracement or pullback might be expected. The previous support level at $104.96 could come into play as a potential downside target in such a scenario.
Technical levels
Resistance levels:$119.12, $123.38 and $129.22
Support levels: $104.96
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
