Technical Setups of the Week
Argentina's Banco Macro (BMA) has been all over the place this year thanks to inconsistent earnings and no shortage of anxiety over investing in foreign banks. Still, that added volatility hasn't kept shares from gaining nearly 10.5% year-to-date. But there could be bigger gains in this financial stock's future.
For the last several months, Banco Macro's price ceiling seemed to be solid at $32; try as they might, investors weren't able to bid shares up past that resistance level. That changed this past week when Banco Macro pushed into 52-week high territory, levels that the company hasn't seen since last November. Bullish action in the 50-day and 200-day moving averages is solidifying the gain potential in place right now.
If the company can manage to make it to $34, shares of the South American bank could see much higher prices in the coming months.
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