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BANK OF AMERICABANK OF AMERICABANK OF AMERICA

BANK OF AMERICA

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BAC trade ideas

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
BAC novice analysis hi folx this one is my first attempt trying to master Elliott waves, i first did a full scan since the early 90s to 2020, afterwards did a 10yr and to make it short I end up with this one which is the last month performance in the stock markets, to be honest it makes sense economy is about to bounce back according to the news, which might be causing speculators to move assets in and out the stock, on top of it millions of people have been receiving the stimulus check as a direct deposit to their bank accounts spiking up the amount of money available to spend in some cases, in some others enough to cover the credit payments, small businesses must be praying and begging to get loans from banks to keep going until the pandemic is over... any recommendations or commentaries are welcome.... thank you !!! and god bless you all
NYSE:BAC
by wishclub21
Rising Wedge - Bearish outlookLooks like we're forming a rising wedge on this chart, with a possible 5th wave in the process. There's 3 options I see to short depending on risk tolerance. 1. if 5th wave if truncated, Short on rejection 2. IF 5th waves at major resistance Short. 3. Short on completion of Wedge + break of wedge support. BAC hasn't enjoyed the same V shaped rallies other stocks have. Bullish sentiment is expected to be relatively low given an expectancy in rising debt defaults, related obviously to the rising unemployment rates (now at 26mil+) and businesses that aren't able to generate incomes to cover their liabilities, creating something of a domino effect across the board.
NYSE:BACShort
by ChasingTheMoon
BAC - Two Possible Ways to Play ItWhile others will publish just about anything to keep their click count and reputation up by first BEGGING you to LIKE their post PRIOR to even READING it, I ask you to first read my idea and THEN decide whether to contact me with questions or like my post. I'm here to help you find opportunities for trades and investments - not to beg you to raise my reputation. Now to the idea: $BAC - "Don't buy the banks, they're not performing!" - I just trade what the chart tells me, sorry. This one is pretty simple. If the lower TL holds, we could see a revisit to recent highs where I would look to take profit. If the lower trend line breaks convincingly, we could short it back to the bottom. It's that simple. If you found this to be insightful or helpful, please show appreciation by hitting the like button. If you want more ideas I invite you to follow as well! I try to be here for all of my followers with any questions they might have. Feel free to shoot me a DM or comment below to start a conversation!
NYSE:BAC
by chartsareforships
Elliott Wave View: Bank of America (BAC) Resumes LowerElliott Wave view in Bank of America (BAC) suggests the decline from January 15, 2020 high is unfolding as a 5 waves impulse. Down from January 15 high, wave (1) ended at 32.47 and bounce in wave (2) ended at 35.45. Stock has resumed lower in wave (3) which ended at 17.95. Bounce in wave (4) is proposed complete at 25.35 as a zigzag. Short term 45 minutes chart below shows the stock ended wave (4) bounce at 25.35. This level is now the short term invalidation level for more downside. Internal of wave (4) unfolded as a zigzag where wave A ended at 23, wave B ended at 19.51, and wave C of (4) ended at 25.35. While below 25.35, wave (5) lower is currently in progress as an impulse, but BAC still needs to break below wave (3) at 17.95 to avoid a double correction. Down from 25.35, wave 1 ended at 21.09 and wave 2 bounce ended at 23.40. Near term, while rally fails below 25.35, expect Bank of America to extend lower within wave (5). Potential target lower is 123.6 – 161.8% external extension of wave (4) which comes at 13.3 – 16.1.
NYSE:BAC
by Elliottwave-Forecast