A classic 3-push wedge set up in BAC after three exhaustion bull bars + a measured move from 6.90 to 8.40 has worked pretty well...
If triggers below 9.45 - I would expect at least two legs down to MA.
Stops around 9.65, targeting at least 9
Comments
token991
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Agreed.
token991
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Followed.
alexp
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Hi, I am still sticking to my previous analysis. As I was telling before - we were highly likely to get a support at EMA 20 and it looks like we have got it. If it goes beyond the previous swing high of 9.80 - then the move beyond 10.00 zone becomes more probable. But now it's also likely to try the support again and in case if it breaks through it - we will get below 9.00 again
token991
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Thank you very much. Have a nice day. Regards.
token991
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Hello! Tell me please your opinion What will be the stock price of BAC at the end of 4 th quarter? Will it touch 10 $ or will be more? Best Regards.
alexp
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Hi Token99, technically, if you take a look at the weekly chart, it seems to be in trading range between 7.00 and 10.00 since end of March 2012 and is currently moving off top of trading range towards bottom of TR. Theoretically, it's likely to meet some support around 20 EMA area (8.50), however, it's highly unlikely to breakout back to 10.00 from there as the current bull trend already had two legs and is about to be broken.
Even if boosted by the post-election and xmas rally, unless something really strong happens fundamentally in the banking sector and BAC specifically, it's very unlikely to breakout of 10.00 in the near future. The probability is always there, but it's not very high - less than 20% to my mind.
Hope that helps.
token991
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Thank you for answering. It helped me a lot. Let me ask you one more final question. Not related with BAC. In general how do you think , the the stock markets will move higher after elections . As FED pushing QE3 infinite buying program. Other C.Banks (ECB, Chine, Japan ) pushing hard. And which candifate id more bullish for markets. Obama or Romney. ? Thank you . Sorry for too much questions.Thanks in advance.
alexp
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Well, macroeconomically speaking, QE3 means roughly 'money printing' and this should boost up market a bit... After elections there is usually a "certainty" rally, as investors start buying "on certainty". Obama has more chances to stay, I believe, but we will see.
token991
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Thanks for answer. Best Regards.
token991
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Hello agin, How do you think about the BAC final position. The stock is now 9.41 . Tell me please a broad analysis up to 6.Nov.2012. With concrete fiqures. Can it touch 10.00 or 10.45 upto the date 6.Nov.2012. I would be very glad if you make a comment. Thanks. Regards.