Market Momentum Tracker

Zacks Reports Chart of the Month: Zions Bancorporation (ZRS)

Chicago, IL – Zacks Investment Research has named Zions Bancorporation (ZRS) as its Chart of the Month for October. The bank holding company has been a consistent performer on the market, and its recent chart pattern has caught the attention of the Zacks team.

Zions Bancorporation, a financial services company, has been steadily climbing the charts since the beginning of the year. The company's stock has gained over 25% year-to-date, outperforming the broader market. Its recent uptrend has been driven by a series of positive earnings surprises, as well as optimism surrounding the US economy.

The chart pattern for ZRS is particularly impressive, with the stock forming a clear ascending triangle. This pattern is often a precursor to a strong price move, and the Zacks team believes that ZRS is poised for further gains.

The ascending triangle pattern is formed when a stock's price is stuck in a range, but then starts to move higher. This is often a sign that the stock is building momentum and is ready to break out to the upside.

In the case of ZRS, the ascending triangle pattern has been in place since August, and the stock has been consistently making new highs. The Zacks team believes that this pattern is a strong indication that ZRS is ready to continue its upward trend.

Zions Bancorporation's strong chart pattern is not the only thing that has caught the attention of the Zacks team. The company's underlying fundamentals are also very strong, with a solid balance sheet and a history of generating strong profits.

Overall, the Zacks team believes that ZRS is a great stock to buy and hold for the long-term. The company's strong chart pattern and solid fundamentals make it a great choice for investors looking to add a bank holding company to their portfolio.