Chart of the Day: Metro Bank (MTRO)

Somehow,  farcical bank Metro managed to raise its last chance saloon cash last week, and the market has breathed a sigh of relief. The scenario here is that having been trodden on by the current banking cartel, brought to its knees, and then thrown a lifeline, the challenger bank should be easy prey for a buyer.  Given how poorly it has performed, this would probably be best for all.

mtro

As far as the chart is concerned, we see a classic falling wedge break at January’s resistance line of 600p. Above this and the top of the February gap at 1,300p is an obvious target. Traders close to the market would use the 50 day moving average at 763p as their stop loss.

Author: Zak Mir

Financial commentator, interviewer, technical analyst

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