Consolidation inside the PRZ - Butterfly completion near X
Updated
BAC Bearish Bat pattern is still valid as the price consolidates inside the PRZ, below two broken uptrend lines.
As the markets await Yellen and the Fed, Financials are stuck and that clearly being reflected in BAC's chart.
If the price will attempt to rally and test the X zone (18.5$) it will complete a small Butterfly pattern that will add chances that we will see bearish reversal in BAC and a move towards 16.5$-17$
R/R shown in the chart (for two scenarios)
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/x5rp3G
To subscribe to the newsletters - goo.gl/JfOLoR
As the markets await Yellen and the Fed, Financials are stuck and that clearly being reflected in BAC's chart.
If the price will attempt to rally and test the X zone (18.5$) it will complete a small Butterfly pattern that will add chances that we will see bearish reversal in BAC and a move towards 16.5$-17$
R/R shown in the chart (for two scenarios)
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/x5rp3G
To subscribe to the newsletters - goo.gl/JfOLoR
Note
Trade reached Target Level. Closed
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