BUY this NOW and here is why!
Reason 1.
Bank of America has been on the move up since August of last year. Don't fight the trend without extremely good reason.
Reason 2.
100 day EMA has been a very good support and it is getting close to it.
Reason 3.
A doji formed close to support. Todays candle.
Reason 4.
The red stoch line has been great at calling bottom...
Since no expected good news for BAC its lucking incoming new money which can help keep the uptrend, so far this year BAC jumped on real estate "gold-rush" which seems to be gone and banks firing employee from lending departments. In near future don't expect banks jumping to new highs at same fashion as first half of the year.
Bank of America is being tested right now and the battle is fierce. So far the support at 14.31 is holding but the bulls haven't been strong enough to break out of the upper EMA's. We need a big effort soon if this is going to soar higher. If you feel bullish about the financial industry right now may be a good entry point, but if you are bearish wait for support...
It certainly looks like that.. but I don't know man.. I don't like the overall context... if fail, the height of the triangle it-s about a dolar.. 13,5 next target
BOA is on a Decision Level..normally i would say by 14 $ a good chance for a short, but now we are in August so i would say SHORT. Thank you for your comments.
- Bullish Cup and Handle Forming
- First Support around 14.45
- Second Support around 13.90
- Buy on breakout above 14.97 level
- Price target at 16.35
- Ride the trend till the trend tells you different
Feel free to comment, agree/disagree, or just go on a rant =P
-Matt
I wanted the chart to provide as many informations as possible and to be able to trade with no other indicators or charting tools at all. I wanted a view on entries/exits, trendlines, minor & majors supports/resistance horizonal & oblique., trend reversal, etc.
My interpretations of the chart at this moment: the price needs to stay above $13.15 level to go higher...
I keep my technical analysis simple for the most part. Check out my articles on Seeking Alpha for fundamental and technical analysis! You can follow me on Twitter @CircaAlpha and on Stocktwits @Circa! Click on the charts for a larger view:
Bank of America (BAC)
Yesterday I entered into a short position at $11.51 because shares traded below the 10 day and 20...
Entry - $9.40 - $9.50
Target 1 - $8.90 (Recent trough could prove to be support)
Target 2 - $8.25 (Breakout point could prove to be support)
Stop Loss - $9.70
Double bottom formed May - September
Higher volume on first bottom
Lower volume on second bottom
Price action broke out on high volume and stopped right at the measured move for the double bottom forming...
