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E*Trade Financial (ETFC) Approaches New Upside Target of $9.14

Published on Wed, 01/02/2013 - 11:02
By Robert Cotter

Shares of E*Trade Financial (NASDAQ:ETFC) have bullishly opened above the pivot of $8.86 today and have reached the first resistance level of $9.05. Analysts will be watching for a cross of the next upside pivot targets of $9.14 and $9.42.

E*TRADE Financial Corporation provides online brokerage and related products and services primarily to individual retail investors. The Company's products and services include investor-focused banking, primarily sweep deposits and savings products, and asset gathering.

E*Trade Financial (NASDAQ:ETFC) is currently priced 3.1% above its average consensus analyst price target of $8.85. The stock should discover initial support at its 200-day moving average (MA) of $8.84 and subsequent support at its 50-day MA of $8.44.

Over the past year, E*Trade Financial has traded in a range of $7.08 to $16.83 and is now at $9.13, 29% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.3%.

By Robert Cotter
rcotter@fnno.com