BAC
Banks making good money.Pretty much following GS' lead and the current presidential hype train. This one is no different.
BAC overbought by way too much!!!I'm shorting this big time on Monday. This rally has been nothing but started from speculations and headlines. Reality will hit soon.
BAC next stop 23.45?Since we keep moving higher I identified a flag pattern on the daily and 4H chart. Now we are breaking out of it and the next move should be equal to the flag pole which ends at 23.45. Personally I don't trade that kind of pattern but maybe someone of you guys out there is looking for some short to medium term targets to take profits. I am still looking for 27.50 longterm though (see previous post)
WFC: Buy gradually over a weekWFC gave a nice signal to go long here, when retesting the prolongation of the earnings support to the left (dashed line). I'm adding gradually over a week in this zone. I currently hold a 1.5% account position, since I think we might take a while to take off, but we will most likely see a continuation of the Trump induced rally, and as Tim West pointed out in the Key Hidden Levels chatroom, it has a lot of room to catch up to $BAC, so, don't miss it.
Good luck,
Ivan Labrie.
BAC time to take some profits or exit or hold?So we finally broke out to multi-year highs. Now what?
In the short-term, some critical points on the chart suggest to take some profit:
- If we take an equal-measured move from the yearly lows at 10.99 to the August highs and copy that move from September lows we can see that we end up right where we are now (20.08, see orange lines).
- If we measure a fib inversion from Nov 2015 highs to the 2016 lows, we get a 127.2% extension which aligns well with where we are now (20.02).
- Weekly RSI violently overbought at 91.63 (!!!)
So I exited some of my positions which I partially will rebuild if we get a retracement into the 15s. Should this break-out continue to go higher, I will gladly sell my core position at the next weekly resistance level around 27.50
I Am Shorting: $BAC As It Nears 7 Year High PivotShares of Bank of America Corp (NYSE:BAC) are less than 5% away from their 7 year highs and I am going to short. The reasoning is simple. As Bank of America currently trades at $19.02, the high from April 2012 is $20.00. It is likely that as early as today the stock will tag that double top pivot. Being the highest level since the financial crisis, investors will likely sell it. I plan to take advantage of it and short the stock. This is a high reward, low risk trade with a pull back likely to $17.85.
Follow my verified trading performance and view my history of trades here: verifiedinvesting.com
BAC End of day swing Sell Shorting because of $20 and price has been gapping up. Needs som room to breathe!
BAC: Massive cluster of earning levels aboveThe short term chart shows very bullish signals in BAC, we can enter longs here, on dips to 15.45, and/or add on a break of 15.85. Stops for all positions should be at 14.81.
There is a giant resistance zone above, so if crossed, we can let this trade run for a good while.
Most traders are not in stocks from this sector, and it's not a good idea right now.
Good luck!
Ivan Labrie.
Bank of America: Encouraging Elliot Wave ActivityLast Wave III is shorter than last wave I --> thus, wave 5 won't be same length as wave 1. But not only does it look like we have a buying opportunity before wave 5, higher lows have been suggesting potential future growth. Best, Matt
BUY BAC AT $15!I'm targeting the $15 dollar level for a low risk entry point.
Healthy pullback to retest breakout!
BAC: Potential shortWe can enter shorts in BAC at market, to diversify and avoid being 100% net long, and also, to fade this over loved and over owned stock's rally, as it moves back down to the triple key earnings support zone below.
I'd like to hold some shorts, since I expect the markets to chop sideways for the most part, and also to minimize my long exposure. This trade is fighting the recent trend and RgMov direction, so don't risk too big on it. Maximum of 0.5% is ok.
Good luck,
Ivan Labrie.
BAC Breakout playA lot of option activity in Bac the last couple of weeks. Looks like a very good opportunity for a break here based on the interest Hike "hope".
GNW bullish signals. Reversal started?GNW has had consistently bad earnings since 2014 until about Q1 of this year where the distressed financial company posted profits and shedding of toxic assets. MACD bullish divergence, Ichimoku crossed above kumo on the daily chart, we might see a turn around and long term climb to 6+. Keep in mind this is a fortune 500 company trading for $3.
The beginning of BAC uptrend?Signals:
double bottom
oncoming breakout of current channel
local flag formation
Buy 15.20 (local flag breakout)
Stop loss 14.69 (-1 tic of current fractal/ flag's low)
Target 18.00 (top line of monthly channel) 21.50 (strong inclined resistance)
BAC - EXPECTING THE BIG DROP ON DAILYBAC seems near to the completion of this corrective structure pointing to the downward trendline or to the dotted horizontal line. I'm expecting a drop to the lower trendline or to the 11$ low.
