TradeGATEHub
Long

BAC Approaching Support, Potential Bounce!

NYSE:BAC   BANK OF AMERICA CORPORATION
BAC is approaching our first support at 17.97 (horizontal pullback support, 50% fibonacci retracement , 100% fibonacci extension ) where a strong bounce might occur above this level pushing price up to our major resistance at 25.46 (horizontal overlap resistance 50% fibonacci retracement , 61.8% fibonacci extension .

Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price.
If you're expecting a drop to $17.97 then that would imply the $22.20 area from 2017 would now be acting as resistance well before the $25.46 area you noted on your chart. A well known rule that I like to follow when trading is, "broken support becomes future resistance". Its in the first line of this article. https://www.investopedia.com/articles/trading/06/supportresistancereversal.asp . I think a more likely scenario is that the support from 2017 holds, and we see a reversal here. But only time will tell. Thanks for the idea.
Reply
I called the drop and posted my puts weeks ago on my Patreon. To buy the bounce wait for a stoch crossover or for a weekly bar to open and close within the lower Bollinger without dropping below. But beware an overall bearish market may keep any significant bounce from happening.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out