RSI above 50 is holding, lets see if she can break out of this triangle
Your triangle was already broken ... the current resistance is most likely a Fib point ... a breaking above this sure but not to the degree of your triangle ... maybe to the next fib point (which is high) or to the previous high a few days ago.
amaroa69 Hope4Today9
@Hope4Today9, everyone has their own way they look at charts. Thats what has been working for me in this point of my career and i’m Sure you have your own way to look at things.. No Trader Is The Same. In my opinion that was a false breakout just like the other wicks above the line and we are back in the triangle, thanks for your feedback though.
@amaroa69, Right... Well it's just that with triangles the they "sort-of" indicate the magnitude of the move... Don't get me wrong I like BAC.
I would like to ask: What the exact name indicator your using to get the histogram to the right of your chart which I believe is showing price over volume?
Hope4Today9 Hope4Today9
I took a second look at BAC (my chart this time)... and the TD sequential count is on a Red 3 so this wouldn't be a good time to go long and anyone wanting to go short missed their entry point by a day. I would expect short term for BAC to go down to the 50 MA on the daily chart before it finds support. Currently that MA is at 31.64 but remember it 's a moving support. Also there's a Fib point @ 31.35 However it's not the Fib Retracement it's on the Fib Extension I see a lot of Lazy Fib users trade this point because they can't take the time to click reverse on their tool. The next Fib point after that is @ 30.17 support wise. Then up up up from there. Seriously BAC should be trading at 100-50% higher than were it's at. Thanks to Janet Yellen putting the hurt on Wells Fargo due to the inner connectedness of ETF's everyone else in that sector got hurt too.
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