Description
⋅ BAC is showed here on a 100R(ange) where price action from the Covid lows to the federal
stimulus highs to the fade and consolidation of Summer 2022 to Summer 2023 and another
fade and reversal from it are seen on the chart. At presen, BAC has reversed upside. With
Uncles Powell and Sam announcing likely three rate cuts in 24Q3 and 24Q4, I see banks
including BAC getting a break with more loan originations and less pressure for high payouts
on savings accounts which may be the capital sources of those loans. I see this a an opportunity
here and now to take long positions before those hypothetical cuts get baked into the price.
The same may go for WFC, JPM, GS and others. My first target is 44 at the " neckline" of
the 3,4Q21 triple top.