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BAC AnalysisI expect chart patterns in the current market to be statistically less reliable than in a calm market. For that reason, any trading decisions made solely based on support-resistance, harmonics, Elliot waves, and other technical strategies are relatively useless for traders who operate on holding periods between 1 day and 1 week. The mood changes with each day's news, and it is obvious from looking at the chart since the initial crash that the market is less fearful, but very cautious. Be mindful of the current situation. Those who are polluting the internet with their extreme theories of market direction are to be ignored. The SP500 is not going to zero. It is also not going to make the full V-shaped recovery as quickly as it crashed. We have a long road ahead before any certainty can be derived, and so I am planning my trades with that long road in mind. In this moment, I am looking for stocks that have overreacted along with the rest of the market, but have yet to really feel the effects that the current state of the world will bring. I think that the financial sector fits that mold, so I am mostly trading banks at the moment. The large banks have been piling on reserves for loan losses, indicated by their collective, extremely low EPS for 1Q20. JPM, BAC, WFC, and others are preparing for the inevitable results of the record-shattering unemployment claims due to COVID-19. Banks will most certainly feel a lot of heat in the coming months. I think that they will have between 6 and 12 months of hardship after the COVID situation is managed or eliminated. Therefore, while bank stocks are in a sort of price consolidation on the charts, their recovery may not yet be upon us. All this is to say that I expect a move toward the YTD low if we don't experience a breakthrough in virus treatment, testing, or immunity in the next few weeks. University seniors will be graduating in the next couple of weeks, entering a job market that is, at the moment, several times worse than what the graduates in 08-09 dealt with. Student debt will continue to pressure many of them, Trump will almost certainly have a second term, the Fed is holding up the market with an unprecedented cost to the public, interest rates will be at virtually zero for at least a year into the future, and an already-struggling retail industry is being crushed. These are just a few of the factors that I think put a lot of downward pressure on bank stocks. Looking at the chart, BAC is trying to make a decision near the bottom of its channel again, and I don't think it will make a decision before market close today. Monday it could open higher with a bounce off the channel, but that will not signal anything about how it will move through the summer. It seems to be running out of steam on its hard climb up, and I expect that it will move to flatten through this month. If the market's uncertainty causes the stock to move laterally for an extended period of time, it will present opportunities for traders to capture short-term swings. The only thing that can send it higher is control over the virus situation, but I still believe the stock would be defeated at the heavily resistant area from $26 to $29, and that will be the story of it for the rest of the year.
NYSE:BAC
by HSCM
Regions Financial BullishBought To Open (BTO) 8 Calls of Regions Financial (RF) on 04-21-2020. Stock Price--$9.19 Calls Execution Price--$0.42 Strike 12, Expiration August Monthly Small dotted line is price of Stock when I bought the Calls. Solid yellow line is Strike Price when RF will go In The Money. I see a wedged Uptrend with Support and Resistance shown by orange trend lines. Expect Resistance at $11.00 from April 9, 13-14 2020 (Good Friday holiday weekend was reason for irregular trading days) and Resistance at $11.50 from 9-10 March 2020. If RF breaks through $11.00 Resistance with no problems I will hold and wait for $11.50, and repeat. If it reaches either of those Resistance areas and is unable to break through after 3-4 days (ish) I will close position and take profits.
NYSE:RF
by AROD01
5
BTCUSD 15m Looking Bullish, it'll Probably go Down First!BTCUSD on a short time frame (15m) is hitting new highs @ just below $7800 again and again - there's also a nice upward triangle formed suggesting the price is just about to break out above the resistance and continue upward. Given that most players in the Crypto world would be seeing this same formation, and also considering market manipulation (it's rife in Crypto), we think BTC is about to retrace back to around $7500, this is where we would be placing our Long order, with a Stop below recent levels @ $7400. This is due to larger players (banks, gov's, whales) knowing the majority of people will be going Long right now, so forcing the price down would remove these Longs from the market (hitting stops/fear of loss) and the big players can sweep up all the failed Longs at a cracking price and then (and only then) will the price continue along it's path above $7800, up to over $8000. Stay tuned to see if our prediction hits the mark! Good Luck & Happy Trading! -theCrypster
KRAKEN:BTCUSD
by theCrypster
Indusind Bank 75 Min Analysis , TRIANGLE PATTERN Triangle Pattern Formed . 1) Strong RSI Divergence . 2) Price Reacted From Demand Zone . 3) Entering In Supply Zone . * Trade Set Up for long . Looking For Bullish Candle Strick Pattern Near Triangle Breakout .(Long Above It ) Preferable Above 428. * Trade Set Up For Short . Look For Bearish Candle Pattern Near Supply Zone . And Below It Short . With Sl 428 . Short Trade In this Pattern Not Looking Good Until Last Low Break . IF SETUP COMPLETE And Market Support Our Direction then Go Long . With Your Bullish Set Up candle Low As A Stop Loss . First Target Will Be 468-475.
NSE:INDUSINDBK
by veensh