Unicredit is the next European Bank to stage an impressive base breakout. EU Banks are at a turning point, outperforming, and have a lot of catch-up to do. Technicals look great. Unicredit appears to move into a vacuum and I see immediate upside into 2.75/.77
I'm a chart analyst, not a fundamental analyst, but here are a few thoughts what could drive EU Banks outperformance. Fundamentals continue to look awful, however there are a few tailwinds from: - bank CEO acknowledging structural weaknesses (DBK CEO y'day) - serious consolidation talks - FED rate hikes