BB&T Corp. (BBT) has been trading sideways since October with lower highs and higher lows. Prices have come to an apex so we should get ready for a breakout soon. Let's check our charts and indicators.
In this daily bar chart of BBT, below, we can see narrower high/low swings since December. Volume has declined through the pattern as the opportunity to make money has shrunk.
Despite the reduced volume the daily On-Balance-Volume (OBV) line has risen from late December giving us a sign of more aggressive buying.
The up and down swings in the Moving Average Convergence Divergence (MACD) oscillator have become smaller and now the oscillator is hugging the zero line.
In this weekly bar chart of BBT, below, we can see prices drifting lower from early 2018. Prices have traded above and below the bearish 40-week moving average line. The line now looks like it is bottoming.
The weekly OBV line is bullish and the MACD oscillator neutral.
In this Point and Figure chart of BBT, below, we can see a bullish-looking pattern. A price target of $56 is being projected and a breakout over $51.53 will refresh the uptrend.
Bottom line strategy: Traders could go long BBT here and risk a close below $48. $56 is our first price target.