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.
NBG Long term Chart: I strongly believe we are currently in a corrective wave 2 of a long term wave C pattern that should complete near the fall, end of the year. What I previously thought was an expanding diagonal () now appears to be a double zig zag corrective wave 2. If A=C in the corrective zig zag, then we can retrace as far as 2.95, but using...
Industry is underperforming the S&P Double top was formed losing upside momentum The industry index has recently squeezed and had a breakout lower 2 days ago
Yesterday, many banks reversed off the intrday highs and closed in red on first day of month and new quarter while broad market was setting new record highs. All indexes (Dow, Nasdaq and S&P) are on its highs and the stock managed to cover almost 2/3 of its sell off from highs. It closed right on its 21 EMA which acts like support since beginning of June. Stock...