Relative Strength Mortgage Servicer Forms High Tight Bull Flag
Mr. Cooper (COOP) shares of the mortgage servicer are forming a solid bull pennant as prices consolidate well above the rising 55 day MA after testing that level near 95 last week and now back inside monthly value area for a rotation back up to 100 and then likely the former high at 103. COOP is a mortgage name that has had a fantastic year up over 50% YTD and even with the recent uptick in interest rates the stock has stayed impressively strong. If rates now pull back from these heights after the FOMC meeting, then it could trigger a nice pop for the financials including COOP.