BAC - POTENTIAL BUY LEVELBAC is in the middle of a corrective phase. It's now reaching the lower channel, where i'm expecting a bounce to the upside. Risk/Reward ratio 3,83.
Bankofamerica
BAC lack of trader participationBAC is going through a triangle re-cap, but volume are extremely low, market are skeptic and waiting for further news.
Possible drop downWave structure is ready. Possible decline is coming soon. If price breaks the supports line be ready to get SHORT on 27.63 line.
The main target for me is 4th wave zone.
According to big picture this move down can be only start of future huge correction for company.
BAC Elliott Wave View: Ready To Resume Higher?Hello Traders,
BAC short-term Elliott wave view suggests that the rally to $31.49 low ended red wave X bounce. Down from there, the decline to $30.08 low ended red wave Y & also completed blue wave (2) pullback. The internals of red wave Y unfolded as double three structure where black wave ((w)) ended at $30.62 low as zigzag structure.
Up from there, the bounce to $31.09 high ended black wave ((x)) bounce. Then finally, a decline to $30.08 low ended black wave ((y)) in 3 swings as Zigzag structure.
Above from there, the stock is expected to resume the next leg higher in blue wave (3). However, a break above $31.91 August peak remains to be seen for final confirmation of next leg higher. Up from $30.08 low the initial rally higher to $31.37 high ended black wave ((i)) as impulse structure.
Near-term focus remains towards $30.48-$30.35 100%-123.6% Fibonacci extension area of blue wave (a)-(b) to end the 3 wave correction in Minute wave ((ii)) against $30.08 low cycle. Afterwards, the stock is expected to resume the upside looking for more upside. We don’t like selling it.
Timing the Next Market Top; Don't Wait Too LongI keep narrowing my projection for the top of the market as more days elapse and more data comes in. I have been contrarian to the 'pundits' and still strongly believe the market will top before the end of 2018. I am right now projecting a near-term top to occur by the end of this week or beginning of next week around 2930. This will wrap up intermediate wave 3 which is presently in minor wave 5, minute wave 5.
I have intermediate wave 4 ending down around 2841 around October 5, 2018. After that, the final market top should occur between November 1 and November 16, 2018. The final top should occur slightly above 3000. I initially forecasted the top above 3100, but do not see the top occurring higher than 3070. All of these moves can be monitored in the interactive chart below. The white box was one of my more recent projections, but the green box is my current forecasted zone for the top.
I recently published my article detailing 8 stocks that have been great forecasters of market tops. These symbols indicated the tops in 1987, 2000, and 2008. The full article is free as always at ElliottWaveIdeas.
BAC Testing Resistance, Potential Reversal! BAC is testing its resistance at 31.43 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap resistance) where price could potentially drop to its support at 29.59 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is testing resistance at 97% where a corresponding reversal could occur. We have also identified a bearish divergence with price that contributes to our bearish bias.
BAC SHORTBAC (and the rest of the banking industry) has a rough few months ahead. The major institution has seen solid gains over the past year and is about to relinquish them all. The major indication this downtrend is about to pick up steam is seen as the 50 day moving average is ready to cross below the 200 day moving average, a major bearish sign known as the death cross. Price on the weekly candle has managed to close significantly below this intersection point, a sign that a significant decline could come sooner than later as there is very little support below the current price. Seen on the chart above, RSI is also headed south with no sign of retracement anytime soon. Money Flow is in a steep downtrend as well. I anticipate BAC seeing at least a 20% decline in the coming months. The last time BAC had a similar set up with the 50 day moving average crossing over the 200 day moving average, the stock fell 33% in 6 weeks. I have picked up November and December puts for BAC (and JPM because the chart and my prediction is basically the same).
BAC : Formation and possible fall analysisBAC weekly chart
Retreat can be expected up to 25.80 support
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
I'm sorry for the impaired expression..Just watch the chart, not what I write. :)
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Bank of America turning bullishAs we can see, BAC has broken out of the corrective downtrend, with three consecutive green candles. Not quite three white soldiers, since they are more spinning tops, but they are a bullish sign nonetheless. We broke through the $30.00 price point a few times today, but tomorrow we will need to get above it with some conviction in order to let it become support for our impulse up. Fundamental factors should lead to a bullish market sentiment in regards to BAC. Reported earnings were stronger than expected, and analysts predict 40% more expansion this year. Overall market apprehension seems to be keeping price action at bay for the moment, setting up a nice buy opportunity in my opinion. Lets see what tomorrow brings.
Short Term Bearish Outlook Into Bank Of America Share PriceDespite the long term impecable bullish trend in Bank of America share Price, the recent events have changed momentum in the short term. It appears the share price, after 3 bearish signals is going to look for decents levels of support in order to try to climb up a step further. A strong reversal pattern either in $28.90 nor $27 will make attractive a bullish trading strategy.
Good luck fellow traders
BAC 5-Day-Ahead Prediction - 04/11-04/17 PeriodArtificial Intelligence/Deep Learning Enabled 5 Day Ahead Predicted values for Bank of America Corp ( BAC ) have been plotted on the chart.
The method used in this prediction is Deep Learning based, and using complex mathematical models/methodologies to extract hidden time series features in vast amounts of BAC related data.
The expected 5 Day Change is 1.177 %
Predictability Indicator is calculated as : 0.838
Predicted 5-Day Ahead Prices are as follows:
Wed Apr 11 Thu Apr 12 Fri Apr 13 Mon Apr 16 Tue Apr 17
30.751 30.727 30.702 30.773 30.838
Please note that outliers/non-linearities might occur, however our Artificial Intelligence/Deep Learning Enabled predictions indicate the softened/smoothed moving direction of the stocks/commodities/World indices/ETFs/Foreign Currencies/Cryptocurrencies.
Feel free to contact us for your questions.
Bank Of America shares Buy IdeaBank Of America shares Buy Idea @Weekly Demand Zone (26.26 - 25.10)
Buy Limit: 26.88
Stop Loss: 24.93
Take Profit: 29.26
BANK OF AMERICA Short
strong elongation in the wave 3, called the truncation in wave 5, which led to the triangle with the outlet down. The release happened on impulse. An upward channel has been broken through. It is too early to talk about a change in trend, but ABC correction will be. Support levels, although they are quite rough. Need to look for the situation
Impending Pull Back in Financials ($BAC)Don't get me wrong, I'm super long the financials and have been since $BAC was at $7, but it seems these guys always over react to news (or perhaps no news at all), and then correct. Look for $BAC (along with many other fin stocks) to pull back in the coming days. Near term target of $23.
Bank of America and the So-Called "Trump Rally"Bank of America was supposed to jump anyway. The current drop is not Trump’s fault, either. BAC is still in a long-term uptrend.
Bank Of America | Multi Year OutlookHello Traders,
I have decided to expand my technical analysis to stocks and take a much longer outlook in the stock market. These charts would be great for a long term investor.
As of 01-17-217 I expect this stock to visit the 10.99 level defined to complete the Geo' it has created in within the skinny blue lines. I have also defined an engulfing (and potential) Geo' that I expect to come to fruition with the current price action.
The dashed arrows are there to act as a guide for what will happen to price as we move forward with this stock.
Although it may take several year, I expect BAC to hit its highest possible target of 65.28.
More updates to come along as this continues to develop.
Best,
Chartistry
1230 IN SIGHT FOR GOLD NEXT WEEKGold continues to maintain bullish market structure, we will most likely see it reach 1230 next week.
GOLD HAS FORMED BULLISH MARKET STRUCTURE, EXPECT 1180 SOONSHORT TERM OUT LOOK ON GOLD: BULLISH MARKET STRUCTURE HAS FORMED (HH AND HL). Gold will hit 1180 very soon.
