Looks bullish here as it has been in a consolidation range ever since 1/14' and has for the most part been btw 15-18 zone. Financials have come back stronger this year and with interest rates set to be raised soon which could lead to better earnings from banks......financials are set to continue to be strong. For BAC.....it has been stuck below 18 lvls. ever since...
BAC appears to be putting in a symmetrical triangle on the daily. No clear signs as to which way it may break so I will be waiting for the trendline break and paying close attention to the Major Support/Resistance lines. Feel free to share you opinions/criticisms.
Selling until support @ 15.14 when it tests support. I would not like to go into earnings with the trade but will see what information comes out in the next couple of weeks. Technically very heavy and with FED hinting towards a longer time
to raise rates and the bad GDP number we received last week expect pressure to continue.
Here is my take on how to trade BAC's ascending triangle. If I were to take a position at the current price of about 15.68 and set a stop between 14.92 (on the tight sight) and 14.72 (on the looser end) I would be risking anywhere from .70 to .90. Say I take a stop at .80, well my target is actually below the previous high ranging from 17.5- 18.0, making my...
Last night I had posted a BAC channel that may be testing resistance. However, this chart has more accurate resistance levels and indicates a move higher.
There are 4 possibilities, 3 of which are very close to one another at around 16.50. The one closer to 17 may work (3 touches) but there is no valid parallel support.
The red line was my previous resistance...
A longer term channel (darker blue) as well as the shorter term channel are both being tested at the very strong resistance.
Also, there is a strong horizontal price magnet at 16.20, probably will hold.
Obviously we saw on Thursday the very strong bull spike. Price action would probably say this is an exhausted bull.
However, we may also get a short term...
Bank of America lags behind the market, ant usually that indicates some weakness. Key level in this action is $15.30, the breakdown of which previously led to a drop to $14.85. Now it acts as a resistance and underneath a bear flag has been formed, breakdown of which will attract more sales. Potential entry points are marked on the chart with orange bands.
Based on understanding that current pull back is not just a correction but start of a bear move. This will be confirmed by a broader sell-off in the parent and similar indexes. Bear move initialised by rebound off the 50% fib and targets the 124% fib before the $11 round number further out.
summary: 1st target $13.51 - 2nd target $11
My first idea here on...
Price is stalling and rejecting the 1.27 ext and .786 retracement at the gartley PRZ.
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Measuring the A to B leg with fibonacci , C slams right into the .382 fibonacci retracement. If the .382 can hold it's resistance and throne, we may see possibility of a bullish butterfly completing at price $12.65, 1.27 extension level.
Although A to B extension 1.27 and C to B extension 1.628 does shows confluence, price may reject these levels as support and...
Banks also continue to look very weak as Bank of America (BAC) broke lower out of a lower level consolidation. The stock gapped down on it's earnings. Now we have point of reference at $14.71, if it will go through previous low of the day I will be considering Short option. Resistance at $14.86 then $15.00, if price will pullback to that area I expect to see some...
Bounces have been happening within 3-4 weeks after touching the (roughly drawn) trend line. If a bounce occurs, re-examine before moving target/stop loss or selling.
Stop Loss: 15.30-15.40 (-5%)
Target 1: 17.40-17.50 (8.5%)
Target 2: 18.00 (11.5%)