Oppenheimer: 4 Financial Stocks That Are Technical Buys

Oppenheimer’s new report focuses on identifying stocks with technical buy indicators in their respective charts. After analyzing the financial sector, Oppenheimer analyst have highlighted four stocks as technical buys:

BlackRock, Inc.

The analysts have taken an interest in the “fresh breakout” in BlackRock’s chart versus the S&P 500. After trading in a clearly defined narrow sideways channel for more than two years, the stock broke above the upper boundary of the channel in early 2015.

The new breakout could mean that the upper boundary of the channel will serve as a technical support level for the stock moving forward.

Moody’s Corporation

The analysts have observed a clear long-term and upward sloping support line just below the 200-day moving average, which has been in place since mid-2010, versus the S&P 500.

Equity Residential EQR 0.57%

Equity’s is one of two real estate investment trust (REIT) charts that Oppenheimer analysts highlight in the report.

In the past six months, the REIT has broken above two resistance lines in its chart, versus the S&P 500: one going back a couple of years and the other dating all the way back to mid-2011.

Avalonbay Communities Inc

The other REIT is Avalonbay. Compared to the S&P 500,

Other Inclusions

The report lists Marsh & McLennan Companies, Inc. MMC 1.67%, The Nasdaq OMX Group, Inc. NDAQ 2.01% and E*TRADE Financial Corp ETFC 1.4% as three other financial stocks to buy based on technical analysis.

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