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 ...
Bank of America formed a death cross around 29.45 then fell to around 23. After a bounce on lower B.B. we saw a move north to 28.50 or so breaking through our upper bolinger band. Hitting strong resistance and see a retest of middle B.B and poss a third wave down. Thoughts ?
Whats up Traders,
JPM - Mediocre Results and price rally
CITI - Medicore Results and price rally
We hope BAC has GREAT results .. but are optimistic that with even mediocre results that the XLF financials sector will continue to rally.
There is a gap fill from earlier in the year that still to be filled.
Stop and Take Profits are listed on the chart.
BAC has strong falling down and is good to buy now ? Yes, this time is good for invest long term when the price fall down to the accumulation zone of 2017.
And after that we may have Bullish Flag pattern with target 28$.
Good luck all you guys !
BAC is approaching its resistance at 26.36 (100% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal pullback resistance) where it is expected to reverse down to its support at 22.87 (horizontal swing low support).
Ichimoku cloud is also showing signs of downward pressure which contributes to our bearish bias.
BAC is facing a 3 months' lasting resistance line, which successfully rejected 2 tentative puncture.
the market is so sensitive, and the gap below must be filled.
1. the stop loss is set at the resistance line.
2. the target is the bottom of the gap!
the loss-profit ratio is 4.07!
Worth a shot!
Weakness in the chart:
1. Sell-Off with high volume
2. Upbars with decreasing volume
3. Mark-down stage
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This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy ...
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.