Ameriprise Financial

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Nearest Resistance: $55

Nearest Support: $52

Catalyst: Earnings

>>5 Bank Stocks Worth a Second Look

Ameriprise Financial ( AMP) is getting attention after an earnings beat after the bell last night; the firm announced EPS of 1.45, beating Wall Street's estimates of 1.39. But there's a reason why shares aren't really reacting to the news: even though the fundamentals were a positive surprise, technical factors are holding back shares of this financial services giant.

Shares of AMP have been looking "toppy" for the last two months, as shares carved out a head and shoulders top. The head and shoulders is one of the most popular technical patterns out there, one that indicates exhaustion among buyers.

Now, with AMP nearing a breakdown below its neckline level, there could be additional downside in shares. I'd suggest shorts hold on the sidelines until a break below $52.

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