Finally, that brings us to
(RF - Get Report)
), a $10 billion regional banking name that's based in Birmingham, Ala. Until now, there's bee a whole lot of reason to like Regions. Shares of the firm are up more than 64% since the first trading day of 2012, and in fact, the regional banking industry as a group has been looking technically strong in the last couple of months.
But Regions is threatening the exact same double top that we're seeing in Costco. That makes this stock a toxic name in October.
That doesn't mean you should sell Regions just yet. Shares haven't actually broken down through the support line that separates the two tops in shares (they're testing that level this week). If RF can manage to catch a bid here and move back above support, then I think that we can categorize the setup as a consolidation, rather than a reversal pattern. Still, a confirmed move below support this week is pretty clear: it's a sell signal.
If you own this stock, I'd recommend keeping a very close eye on what happens next.
To see this week's trades in action, check out the
Technical Setups for the Week portfolio
-- Written by Jonas Elmerraji in Baltimore.
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