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5 Banks to Buy After JPMorgan's Big Mistake

Credicorp

Now, back onto a bigger name: $10 billion Peruvian bank Credicorp (BAP - Get Report). Credicorp has been trading lower for the past month and change, making some investors worry that this stock is topping after rallying double-digits in the last six months. But there's another story going on in BAP right now.

Shares of Creditcorp have been locked in an uptrend since August, trading higher in a channel that's bounded by trend line support and resistance levels. Because trend line support hasn't been broken yet, the uptrend is still in force. And in fact, with shares testing trend line support, traders could be looking at an optimal entry point to start buying BAP; it all comes down to whether shares can catch a bid and bounce off of support here.

>>6 Banks Actually Growing Their Banking Business

RSI has been showing a bearish divergence with price for the last month or two, a bit of a red flag for the uptrend. Even so, price action is the more important factor to watch. I'd be a buyer on the first bounce off of that blue trend line, with a protective stop in place just below it.

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SYM TRADE IT LAST %CHG
BAP $146.79 -0.62%
FULT $12.19 0.16%
JPM $61.58 0.72%
PB $52.22 0.29%
WFC $55.15 -0.33%

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DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

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