alanmasters
Short

Bank Of America (BAC) Will Drop Hard (90%+ Crash?!)

NYSE:BAC   BANK OF AMERICA CORPORATION
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 the MACD and RSI . These divergences work strongly on conventional assets, they always confirm. We have bearish divergence on both indicators.

  • I marked a rising wedge in purple which is also bearish . You can expect the asset value to move a bit longer within the wedge before breaking down; if it does. Probabilities are really high...

  • EMAs are going to be challenged now, this is our main support (22.33).

  • The RSI is super bearish .

  • Volume has dropped massive while price moving up.

  • If you were to use this information to trade, a break and close above 28.45 would be a great stop loss. As for the way down, 13.62 can be your main target and more after/if this level breaks.

  • ...

This one is about to crash really hard... Just like it is happening with Apple , Google , SPX , DJI and the rest.



Thanks a lot for reading.

Namaste.
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Related Ideas

looks like a 10 year bull flag consolidation to me
Reply
@Possum68, Bear flag.
Reply
Alan - Is this still valid?
Reply
alanmasters JC_Trading
@JC_Trading, Yes. This is a long term chart.
Reply
JC_Trading alanmasters
@alanmasters, Thanks for your response. In your analysis, you mention that "a break and close above 28.45 would be a great stop loss." Monthly close today = 29.14. Still valid?
Reply
alanmasters JC_Trading
@JC_Trading, I am still seeing the same bearishness long term.
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long @ 25, considering getting out if the MACD prints another mini-divergence on this last move up within wedge
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IF BAC crashes with 90% this would mean a new financial crisis. Such crashes are never caused by some TA! So this chart makes no sense at all.
If bac crashes, all banks will crash & this is purely caused caused by fundamental economic problems (debts, loans, bonds, employment rate, trade war, etc...)
+5 Reply
alanmasters RobProesmans
@RobProesmans, Yes, agreed.

TA doesn't cause the crash, it just helps you to see it coming.

We can clearly see it coming, just look at the chart above.

Thanks a lot for your comment.

Namaste.
Reply
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