Sharp Decline Hits US Bank Stocks

US markets witnessed a sharp decline in the banking sector on Monday.

Most stocks fell as a result of statements by US President Trump.

Trump spoke of his intention to impose a temporary cap on interest rates

on credit cards, limiting them to no more than 10% for one year only.

US bank and credit card stocks declined sharply following this statement.

The biggest losers among US banks were:

Capital One Finance shares down 8.9%

American Express shares down 4.3%

Bank of America shares down 2.9%

JPMorgan shares down 2.5%

Wells Fargo & Co. shares down 2.4%

Expectations still indicate continued damage to the US banking sector

in the near term, which means we may see further declines in stocks in the coming period.

Therefore, please be cautious when trading US bank stocks.

Technical Outlook

The best stocks that might present an opportunity soon are 

JPMorgan Chase and Bank of America.

These stocks are approaching important and strong support levels,

 and if any buying technical signals appear,

it will be a good opportunity to start trying to enter the market with small contracts.

JPMorgan Chase

JPMorgan Chase is approaching support levels near $317,

which are considered strong buying areas in case of any buying signals.

If it rises from these levels, we expect to see a rise

to the recent highs near $337.

Bank of America

As for Bank of America, the $53.50 area is considered

a good support area for the stock, and therefore a good area to

wait and analyze the price movement and behavior in these areas,

and wait for any buying signals to enter with a target of $57.20.