The Dow Jones U.S. Life Insurance index ($DJUSIL) broke above 650 for the first time in 2016, buoyed by suddenly surging 10 year treasury yields ($TNX). Leading the charge in the group is MetLife (MET), which at today's high had gained 33% since its post-Brexit low near 36.00. MET broke above key 2016 resistance today on very heavy volume. Check it out:
MET printed a double bottom in February and June of 2016 and it has now surged through price resistance at 46.00. Coupled with that are breaks of both trendline resistance and its downtrending SCTR. Throw in the bullish MACD centerline crossover (vertical red line highlights this crossover) and it's easy to like this one technically along with the improving fundamental picture (higher treasury yields).
Happy trading!
Tom
