BAC | Price has formed a falling wedge and is now resting at a major support zone. There are many strong pivot points in the support zone that has closed price in consolidation numerous times over the past 5 months. There is only 12 cents of volatility left inside the wedge which is indicating a bullish breakout as well as bullish confluence about 30 cents above where price closed today. I have highlighted some key points in the Ichimoku cloud which include a bullish Tenkan, Chikou at support, and a bullish future cloud. I have also highlighted stochastic's in oversold, as well as the sentiment zone indicator at support. These three indicators have calculated bullish values which may suggest the sell off will not continue into the weekend. There is about 30 cents left of an expected move for the week, I don't expect tomorrow to move much more than a Doji or small bodied candle as the day closes.
Comment:
Trade Idea VOIDED on 8.15.17
