More upside potential towards earnings...but

98 0
BAC monthly chart analysis shows two things:

1) The post elections rally drove Bank of America above a major weekly structure zone (18$) that now should act as support (green box)

2) Next major structure zone is way up near 25$. Also where the price will meet the 200 months MA line and complete a bearish AB=CD pattern.

We are talking about a 10% additional rally in a stock that already doubled itself since 2015.
Will we see another push higher without any pullback?

Earnings are scheduled this week. The bearish scenario (short term pullback) involves a weekly Pinbar pattern. The bulls can either wait for the pullback to create better opportunities or bet blindly on the bullish sentiment that continues to dominate the market.

RSI and Stochastic are overbought but no Sell Signal provided yet..

Read more about BAC , JPM , XLF and DXY in this week's newsletter
Comment: Despite an earnings beat BAC couldn't generate a bullish move.
Pay attention to the Fast daily MA line that holds as support but looks fragile.
Read more in this week's newsletter (link in signature)
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