Hellooo
I guess you all realized that how much I am interested in bigger time frames.
Now I have brought you another share that I think will be a really good chance
for our nest weeks trades.
I do not care about last waves before this Leading Diagonal because if this Leading Diagonal is confirmed it does not matter if it wave 1 or wave A of a zigzag.
What we...
Bank of America....
On one hand their CEO has done a great job bringing them out the depths of the financial crisis
On the other hand excess exposure to Mortgage Back Securities (MBS), Commercial Real Estate and the risk bomb that is all things Merrill leaves them vulnerable to economic shocks
A sticky deposit book helps...but not enough.
Will America choose...
BAC is in a rising wedge, a bearish pattern, and it's ready to break down. If and when it crosses the blue dotted trend line, it will trigger that pattern and cause a major drop in price.
The RSI and MACD show strong bearish divergences, with the MACD already ticking into the red position.
If we close in the red today, it will be confirmed.
The bulls' last hope...
Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 32.6/61.80%
Chart time frame : D
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : A
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance....
Looks like a massive massive cup and handle forming,
We just had a bullish break out of a very consistent downward parallel channel via a massive W bottom. More upside from here in cup and handle formation.
Use proper risk management please!
thanks!
Nothing crazy
it's running into overbought territory on weekly
there was some reasonable volume that came in for the er's
it has some solid resist up to 35 but if it can get over that
then sure send it
Daily chart is showing an EXTENDED TREND and most likely needs to pull back below the 50 SMA.
Multiple TrendCloud Signals on the 1 hour and 15 min charts to the downside.
The deep pullback on the daily chart as is falls below the 50 SMA will be seen as trend reversal on the lower timeframes.
Once price goes below the daily 50 SMA we can start looking for...
The Bank of America Corporation (BAC) got rejected again on its 1W MA50 (blue trend-line), a level that has been acting as a Resistance since the March 2022 break-down. This has created a Lower Highs trend-line that is the key pivot level now. But before that, let's see how it's been trading on a +10 year basis.
As you see on this chart, ever since the November...
BAC is forming a nice looking bull flag and showing great relative strength. Going to take a full position on this one at the open today. Targets $37, $38.59, $40
