PHL
Long

BAC next stop 23.45?

NYSE:BAC   BANK AMER CORP
Since we keep moving higher I identified a flag pattern on the daily and 4H chart. Now we are breaking out of it and the next move should be equal to the flag pole which ends at 23.45. Personally I don't trade that kind of pattern but maybe someone of you guys out there is looking for some short to medium term targets to take profits. I am still looking for 27.50 longterm though (see previous post)
Comment: Beautiful move! 23.50 is in the cards for next week. I expect that we reach it before the Fed interest rate decision or on the day of the decision we get a spike up and then sell off afterwards (hangover from too much buying.. :))
Comment: Interestingly the 38.2% fib retracements from this year's two swing moves show up right at previou structure around 18.50-18.90. Looking to buy there as previous structure + 38.2% rectracements are matches made in heaven:
snapshot
Thanks. Good ideas.
+1 Reply
PHL darbyred1
@darbyred1, thanks for the support!
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