200sma has been a strong resistance since the March drop. The red circles show 4 times trying to get to it.
Placing fibonacci retracement lines shows confluence with a support level (green rectangle from late June --> early July)
The 20sma crossed below the 50sma on September 27th. (Bearish signal trend model)
Also, if we close at the current price, we are...
BAC looking to repeat this pattern, looking to retest 55 within these next couple years. Bounce off my support zone at 18.04 making its way up to retest 35.40 break that we could see an overall move up to $44. Perfect stock to add to your long term portfolio. Warren Buffet's second largest holding in his portfolio is BAC so why not invest and follow the most...
Picture perfect chart here.
Only 4% between following key levels:
- Support line has been tested 5 times & now coinciding with 50 dma
- Resistance line has been tested 2 times & has been coinciding with 200 dma
Daily RSI convergence confirming price action
While in the middle of those support / resistance lines, 2 major dma's, we are also stuck between the 50 &...
Against a backdrop of the broader stock indices that don't seem to want to spend ANY time, at ANY level (w/ the possible exception of the Russell 2000), today we forayed BACk into Bank of America using a dynamic support level that printed at 25.5. When breakouts or fades get tricky, we like to fall BACk (okay, stop me) to names that are staying inside a well...
BAC is forming Cup and Handle on D1 chart.
Now is $26.50. with this pattern BAC's target are: $27.50 and $29.00.
While the market in the correction process.
The cash flow from other Sectors that are Overbought is certainly looking for a new destination.
Banking is a good Sectors that is regaining balance when it exits the Oversold zone and keep going up slowly.
Based only on technical analysis, the idea is to go long as the resistance level of 26.5 USD has been broken many times.
To be on the safe side, as there are not a lot of signal the best option could be still to HOLD.
Happy Labour day weekend traders! Looking at banks here, BAC and JPM with Ascending triangles, possible breakout in banks. A test of the 200 SMA would be 27.28. Recent option flow, 3200 Nov $28 calls for BAC. JPM - over 5000 for Nov $110 calls. I will post some more charts later. Enjoy!