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Capital One Financial - COF at Trader’s Narrative

Capital One Financial - COF

This is what happens when you actually pay your credit card bills on time people!

COF 15 min chart.png

Capital One was taken to the back of the tool shed today due to a dissapointing second quarter earnings report. Price gapped down past $82 which had been support in recent months. It then sliced through the last vestige of support at $80 in early morning trading. After such a monstrous expansion in one direction, price paused and retraced lightly upwards for the next three candles.

After which the shellacking resumed. On the 15 minute chart, this pause offered a defined risk entry in the direction of the new trend (red circle). Using Fibonacci to frame the gap down, the target was the 38.2% extension at $77.67 - which was reached just after noon.

Interestingly enough, there was a neat little hammer candlestick that formed at 1pm which marked the exhaustion of intraday selling (purple oval). Accompanying the hammer, I didn’t notice a spike in volume which I’ve seen before. But there was a slight uptick in volume.

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