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David Dierking

SDPR S&P Regional Banking ETF (KRE) Could Be Getting Ready To Bounce

The SPDR S&P Regional Banking ETF, one of the ETF Focus Top Picks for 2018, looks poised to bounce over the next several trading sessions.

From a technical standpoint, KRE is at the bottom of a rising channel that its been bouncing off of for the past 5-6 months. A bounce back to the middle of the channel would put a short-term price target of $64 on the ETF, a roughly 3% gain from current levels.

From a fundamental standpoint, the recent Dodd-Frank legislation rollback in Washington would act as an upside catalyst as bank restrictions would be eased leading to greater loan activity. The Fed's interest rate hike, while entirely expected, will help improve these institutions' net interest income.

Looking for a short-term pop, possibly to $64, from here.

For more ideas like these, be sure to join the ETF Focus group here on WhoTrades.

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