Looking at BAC Morgans chart.
The SQZ indicator continues to turn hard green. Indicating further down side.
The stock has been ascending on descending volume. Bearish sentiment.
The MacD is about to have a bearish crossover.
The chart follows the bearish sentiment that is seen across the market.
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...
The chart for Bank Of America (BAC) is looking bad long term, there are many signals pointing to a very strong drop.
The last time this company had a crash, it shredded over 95% of its value... The same might happen again.
Let's take a look at some of the signals:
Let's start by looking at Divergence, you can spot this marked with a light blue line on both...
BAC could pullback to its resistance at 26.24 (61.8% Fibonacci extension, 38.2% & 23.6%, horizontal pullback resistance) where it could reverse down to its support at 23.04 (100% Fibonacci extension, horizontal swing low support).
Ichimoku cloud is also showing signs of bearish pressure that contributes to our bearish bias.
BAC is testing its support at 25.43 (61.8% Fibonacci extension, 76.4% & 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its resistance at 28.92 (horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 2.3% where a corresponding bounce could occur.
Look at the weekly chart. Obvious short is obvious. We are entering a bear trend now.
What we have now is a bear flag noise heading right into 20s and then 16s.
All bull trends are broken on daily.
Last one will provide some cushion, but with empty price nodes on volume, price decline will be rapid.
Whatever is coming is going to hit banking and dollar...
BAC is approaching support at 25.81 (61.8%& 100% Fiboncci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its resistance at 28.77 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching support at 3.4% where a corresponding bounce could occur.
Bank of America Elliott wave analysis suggests that a decline to $27.26 low ended blue wave (3). The internals of that decline unfolded in 5 waves impulse structure in lesser degree cycles. Up from there a 3 wave bounce to $29.19 high ended blue wave (4) as double three structure. Down from there, the stock declined lower in another lesser degree 5...
BAC short-term Elliott wave view suggests that a decline from 8/08/2018 high to $27.64 low ended blue wave (W). The internals of that decline unfolded in 3 swings with the distribution of 5-3-5 zigzag structure. Up from there, a bounce to $29.20 high ended the short-term correction against 8/08/2018 high in blue wave (X) as double three structure....