SVB Financial Group (SIVB) turned higher on the charts in September and new highs were made by late October. The uptrend continues. Here's our take on the charts and indicators.
In this daily bar chart of SIVB, below, we can see a sideways to lower trading range for the stock from March to late September. The pattern shifts to a bullish trend in September with SVB rallying above the 50-day and 200-day moving average line and their slopes turning bullish. The daily On-Balance-Volume (OBV) line turns stronger in September telling us that buyers of SVB had become more aggressive. The Moving Average Convergence Divergence (MACD) oscillator crossed above the zero line in September for a buy signal. In late October the stock gaps higher on stronger volume as the breakout gets in high gear.
In this weekly bar chart of SIVB, below, we can see that prices are above the rising 40-week moving average line. The weekly OBV line has been going up the past four months and the weekly MACD is in a strong bullish configuration above the zero line.
In this Point and Figure chart of SIVB, below, we can see the consolidation pattern this year and the big breakout without the price gap. A rally to $238.53 will be a fresh breakout and a $307 price target is projected.
Bottom line -- you have to go with the upside on SIVB with all three charts looking bullish. Trade SIVB from the long side risking below $210 and looking for gains to the $300-$310 area in the months ahead.