Earnings Play: State Street

State Street's 2Q earnings release is expected on Friday. Here is what to look out for.

Charts (2)

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.          

Source: GAIN Capital, TradingView

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