Sounds crazy, but I believe BAC has already bottomed and ready to go up again. Historically, the buy volume at this price level is pretty high. The price is currently above it's 10 month EMA. I have no stop , or specific target for the trade, but will review once resistance is hit around $9.41. Will manage trade on a monthly basis.
Comments
Algokid
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Closing this trade. BAC is now at its 200 ma. :)
Algokid
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trade is still open , placing a stop at $8.98
Algokid
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Trade is still open. added 5.07 % in October
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.
Algokid
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Hi Token
Can't really say if BAC will reach $10 before the end of Q4. it already reach $9.79 this month. This is what i see with BAC currently: The trend strength is pretty good and has been up 2 out of three month last quarter.
$10 represent strong resistance for BAC and a level where traders will debate if it's worth more or to take some profit. If you decide to enter now, enter a tight stop loss at $8.79. But currently, the trade is still open for next month. Cheers
token991
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Thank you very much. I liked your ideas. I actually bought BAc 8.35 and waiting to increase. I can wait whole 4 th quarter. I in heart want BAC will hit 10 $ resistance level. And trade above it. It may be bullish but the circumstances are not so bad. QE3 force in work. We will see in the following days. Best Regards.
Algokid
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up 10.00% this month , trade remains open
Algokid
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up 6.84 % since opening the trade. trade remains open
mrd2015
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While I can't bring myself to buy BAC yet, I think long-term it'll be a decent play. This is a classic bad-to-less-bad play that I think will pay off. The big banks won't be allowed to fail, and small banks will never become big banks due to regulatory pressures. Cheers.
timwest
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I think that I could be comfortable shorting GE against a long in BAC. See what you think.