Sumitomo Mitsui Financial Group
Nearest Resistance: $6.60
Nearest Support: $6.10Catalyst: Japanese Bank Stumbles Japanese banks have been stumbling this week, a fact that's trickling into trading stateside with the American depositary receipt -- or ADR -- of Sumitomo Mitsui Financial Group (SMFG). Sumitomo is one of the biggest financial services firms in Japan, making it an obvious choice for investors seeking out (or trying to avoid) exposure to financials in the land of the rising sun. >>5 Financial Stocks Hedge Funds Love Despite an uptick in trading volume today, shares are only up around 2% as they bounce off of yesterday's August lows. Shares of SMFG have been range-bound for the last couple of months. Until this stock can break outside of that $6.10 to $6.60 range, there isn't a trade here.
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