KeyCorp Breaks $20 Resistance, Momentum Toward $21
$KeyCorp(KEY)$
KeyCorp (KEY) Hits New 52-Week High at $20.33: Banking Giant Breaks Through Resistance, Target $21+ Activated
Latest Close Data
KeyCorp closed at $19.98 on December 10th, gaining +3.04% (+$0.59) and achieving a new 52-week high of $20.33.
The stock is now trading 57.0% above its 52-week low of $12.72, demonstrating strong momentum in the regional banking sector.
Core Market Drivers
Regional banks are benefiting from rising interest rate expectations and improved credit conditions.
KeyCorp's strong performance reflects investor confidence in the banking sector's earnings potential.
The 4.10% dividend yield continues to attract income-focused investors amid favorable rate environment prospects.
Technical Analysis
Volume surged to 32.5M shares (1.54x average), confirming bullish breakout momentum.
MACD shows strong bullish divergence with DIF at 0.447 and DEA at 0.240, generating powerful buy signals.
RSI-6 reached 88.0 (overbought territory), while RSI-12 at 77.9 indicates sustained upward pressure without immediate reversal signals.
Key Price Levels
Primary Support: $17.52 (previous consolidation base)
Strong Resistance: $19.98 (former resistance, now support)
Immediate Pivot: $20.33 (new 52-week high breakout level)
Valuation Perspective
Trading at P/E 23.1x (TTM) and P/S 3.68x, KEY's Forward P/E of 13.18x suggests reasonable valuation despite recent gains.
The current metrics align with banking sector recovery trends while maintaining attractive dividend coverage.
Analyst Targets
20 analysts maintain an average target of $20.85 (range: $18.00-$24.00). Current breakdown: 3 Strong Buy, 9 Buy, 10 Hold, 1 Sell - indicating broad institutional support for continued upside.
Weekly Outlook
Expect consolidation between $19.50-$20.50 as momentum indicators digest overbought conditions. Break above $20.50 could target $21.50-$22.00 zone.
Watch for volume confirmation on any pullbacks to $19.00 support.
Risk Disclaimer
This analysis is for informational purposes only and does not constitute investment advice. Past performance does not guarantee future results. Please conduct your own research and consult with financial professionals before making investment decisions.
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