Earnings Play: State Street

Finger pointing on market chart data
On Friday, before market, State Street is anticipated to report second quarter EPS of $1.61 compared to $1.45 a year ago. State Street is an investment services firm and its current analyst consensus rating is 7 buys, 11 holds and 1 sell, according to Bloomberg.  

Looking at a daily chart, State Street's stock price has been rising inside of an ascending channel that began to form in mid-March. Price has been holding in a tight range between the $60.00 level and the $66.00 level since June 11th. The bias remains bullish since prices have managed to stay within the ascending channel pattern. Look for a break out above the $66.00 resistance level for a possible surge towards $69. If price breaks down and falls below the $60.00 support level a new downtrend could be possible with a test of $56 support.          

Chart analysis of State Street. Published in July 2020 by FOREX.com

Source: GAIN Capital, TradingView

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