E*TRADE BULLISH AFTER JUMP IN USERS
E*Trade Financial Corp. is currently trading at $55.34-higher by 2.94%. In Pre-market trading on Wednesday, E*Trade was trading higher by 1.66%.
In recent news, E*Trade reported monthly activity for August 2018 on Monday. The online broker disclosed that the net new brokerage assets were $1.7 billion in August and Daily Average Revenue Trades (Darts) for the month were 267,619. E*Trade also reported that they have added 58,119 new brokerage accounts in August on a gross basis. The broker also said that they have ended the month with 3.9 Million brokerage accounts-an increase of 32,973 from July.
In addition, Jefferies upgraded E*Trade to buy from hold citing an attractive valuation as well as the company’s scale and revenue diversity at a time when competition in the space heats up. Also, E-Trade’s potential as a buyout candidate also makes it attractive.
On the technical front, the RSI is currently at 41.1% and suggests that the market can move in the upward direction. The %K has crossed the %D from below to the upside at 7.75% and suggests that the market may head upwards. The Current Price is above the MA5.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 55.20 TAKE PROFIT AT 55.80 STOP LOSS AT 54.90