Capital One Financial
A very similar trade is setting up in shares of Capital One Financial (COF), a $30 billion diversified financial services firm that's up more than 23% in 2012. Investors could be in for even more upside in the second half of the year.
Capital One, like Amex, has been in an uptrending channel since October, bouncing in between our parallel support and resistance levels as shares climbed higher. Also like Amex, COF tested trend line support at the start of June, bouncing higher through the channel after catching a bid at support. Even though shares briefly penetrated that trend line support level at the start of the month, a slightly modified morning star pattern formed immediately, reversing the break and putting shares back in the channel.
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