GNW has had consistently bad earnings since 2014 until about Q1 of this year where the distressed financial company posted profits and shedding of toxic assets. MACD bullish divergence, Ichimoku crossed above kumo on the daily chart, we might see a turn around and long term climb to 6+. Keep in mind this is a fortune 500 company trading for $3.
oncoming breakout of current channel
local flag formation
Buy 15.20 (local flag breakout)
Stop loss 14.69 (-1 tic of current fractal/ flag's low)
Target 18.00 (top line of monthly channel) 21.50 (strong inclined resistance)
I marked the range at which it may trade with blue trend lines and i set up my short idea as well. Nice risk vs reward ratio. NOTE The market is not open as the time of writing so i will wait to see what happens when the market opens, before making a decision.
So the brexit aftermath might bring us a bear trend in bac, especially since rate hike is pretty much off the table now. So Entry 12.70 after a break down of support here would be a pretty good entry, and can ride it to around 12
Wide trading range 18.8-14.1-9.4. So long as BAC is below 14.1, bias towards 9.4.
Narrow trading range 14.1-11.75-9.4. Failed to hold top end of narrow range 14.1 (mid point of wider range), bias towards 11.75 (midpoint) and approaching midpoint of midpoint 12.93. Watch if 12.93 holds. If it does, expect a retest of 14.1 but must take out 13.515 (14.1-12.93...
WFC has been unable to gain 50.5-51 resistance for months now, and the chart may indicate that it is time to retest lower. the last weekly level retest was 44.59, which bounced strongly and reversed. if 46.6 is lost, we should look towards 43.2 for next support test.
Lower still is 41.65 and 38.03 as well as others, but these levels may not apply for some time
Technical analysis of BAC's chart indicates strong levels of resistance at 18, and 15.25, the latter of which has just seen a completed double top in the past few weeks
This indicates that we should break lows and test lower, 9.9 and 8.27 (more significant) supports are supports we could test.
let me know what you think
GS was clear signs of buying or bullish absorption earlier this year. Early April GS pullback to test and define the number of "weak hands" that were remaining. The test produced very little selling and resulting in price finding bids into resistance.
Now that the "gap" is closed there appear to be very little demand and a weak close for the week would imply...
BAC is showing signs of Accumulation. We can first reference the "preliminary supply" (PSY) in the end of 2015 followed by a "selling climax" (SCLX). The SCLX is a sign of a stopping actions and marks the beginning of possible accumulation. The "automatic rally" is the "dead cat bounce" that allows us to identify future resistance. This was followed by...
These are a few trades we shared at the KHL chatroom, I have shared the link in my previous posts.
If you're interested in learning more about the methods used by Tim West, which I learned and apply in my own trading, contact me privately. I also offer a signals service, with more setups, for FX, equities, metals and oil for the most part.
It's clear the market...
I am seeing bullish ascending/asymmetrical triangles forming on BAC and C, and rising wedges on WFC and JPM's hourly charts. Predicting positive reactions to economic data and interest rates in the upcoming weeks.
DFS is offering an interesting setup in the monthly, daily and 65 min charts. We can clearly see the reaction to the news has been positive and can expect continuation into the highs. Target on chart is derived from monthly price action, the stop from the daily, and we use the 65 min timeframe to get a clear picture of the price action around the news. All 3...