Measuring the A to B leg with fibonacci , C slams right into the .382 fibonacci retracement. If the .382 can hold it's resistance and throne, we may see possibility of a bullish butterfly completing at price $12.65, 1.27 extension level. Although A to B extension 1.27 and C to B extension 1.628 does shows confluence, price may reject these levels as support and...
Over the last couple of days the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) has been steadily moving higher, making new all time highs. Many media outlets and so call experts are calling for the bull market to continue its rise. However, many cracks are starting to emerge, one must understand these, exercise caution and be ready to trade both sides. Among the...
Banks also continue to look very weak as Bank of America (BAC) broke lower out of a lower level consolidation. The stock gapped down on it's earnings. Now we have point of reference at $14.71, if it will go through previous low of the day I will be considering Short option. Resistance at $14.86 then $15.00, if price will pullback to that area I expect to see some...
Bounces have been happening within 3-4 weeks after touching the (roughly drawn) trend line. If a bounce occurs, re-examine before moving target/stop loss or selling. Price: 16.10-16.20 Stop Loss: 15.30-15.40 (-5%) Target 1: 17.40-17.50 (8.5%) Target 2: 18.00 (11.5%)
$BAC seems to repeat - time to do it again ? over 17.75 by 5/2/14
No idea which way it will break, probably in the direction of the broader market. Lots of supports and resistances along the way though.
Simple chart showing some retracement levels and a trend line starting from ~4 years ago. Looks like we might be in a channel.
Fairly solid divergence indicated between valleys of Price vs MACD histogram
Keep the long positions , after the earnings I expect BAC to revert to the trend mean which is around 17.75