Bank Of America Struggles. Await Long opportunity $bac
Market extremely volatile, so we await this opportunity to trade BAC.
BAC trade ideas
Elliott Wave View: BAC Looking for More DownsideBank of America (Ticker: BAC) decline from December 27, 2019 high is unfolding as a 5 waves impulsive Elliott Wave structure. Down from December 27 high, wave ((1)) ended at $32.47 and wave ((2)) ended at $35.45. The stock has resumed lower in wave ((3)) and internal of wave ((3)) subdivides in an impulse in lesser degree. Down from $35.45, wave (1) ended at $27.44 and bounce in wave (2) ended at $29.8.
In the chart below, we can see that down from $29.8, wave 1 ended at $27.50 and bounce in wave 2 ended at $28.42 as a Flat. Stock then resumed lower in wave 3 towards $21.75 and bounce in wave 4 ended at $23.49. Finally wave 5 ended at $21.51 which also completed wave (3). Wave (4) rally is now in progress to correct cycle from March 3 high. Potential target for wave (4) in 3 swing comes at $23.7 -$25. Sellers can appear from this area for more downside or 3 waves pullback at least. We don’t like buying the stock. Expect rally in Bank of America to fail in the sequence of 3, 7, or 11 swing as far as pivot at 29.80 high stays intact
BAC may not go up much furthertwo years' consolidation and broke up was invalidated by the selloff in two weeks.
give the current macro environment, BAC may not be ready for another breakout any time soon.
BOA - Obvious This Was Likely to Fall in January, 2020.9-Day (Far Left); 2-Week (Left of Center); 1-Month (Right of Center); 2-Month (Far Right):
9-Day: It was looking rather bleak for BOA in this 9-Day TF that began January 2, 2020 when the Green Line turned down and the Red RSI made contact with the Green Line WHILE the Green Line was going down; indicating downward pressure. Not only that; the White Energy was already heading down, the Green Line and Red RSI made their contact ABOVE the 80% level (showing it was likely exhausted). ALSO: The Green Line and White Energy in the Monthly TF on January, 2020 had both peaked above 80 percent and turned down. The same thing occurred with the 2-Month TF that began January, 2020.
2-Week: Later on January 6, 2020 we had a new 2-Week Candle with the Green Line turning down and the Red RSI making contact with the Green Line WHILE the Green Line was going down; indicating downward pressure. We also saw a repetition of the 9-Day TF in this 2-Week TF when the White Energy was already heading down, the Green Line and Red RSI made their contact ABOVE the 80% level (showing it was likely exhausted).
This is not looking good. We should expect the FED to likely lower rates at least another 0.5% and begin quantitative easing. This will allow us to have a bounce but I would be surprised if this bounces back up to $35 ever again due to what's going on with the Corona Virus. Supply Chains have been severely hit. Which affects corporations ability to make payments on loans provided by BOA. All other large banks are running into similar issues. This may get very nasty.
$BAC Approaching Major Support$BAC has major support at the $26.50 level. We believe $BAC is a smart long-term play that is worth accumulating on the coronavirus sell-off.
As always, trade with caution and use protective stops.
Good luck to all!
Bank of America - Failed 3rd Wave - Strong SellBAC is a STRONG SELL
BAC had a failed 3rd Wave like MS
Will update.
-AB
Bank Of America: 2008 All Over AgainRising wedge has formed on BAC. The same pattern it had formed from 1996-2008.
BAC is testing its bottom trend line. This could get ugly fast.
Fed cuts rates the most since 2008 to promote more artificial economic growth. It definitely helps the fact people are scared of a virus.
This was just the pin that popped the bubble. They will blame it on the virus if markets tank.
People seem to forget Bitcoin was created exactly after our last financial crisis. For the reason, we don't trust our banks. BTC has risen in value of more than 2 million percent!! It's got to be on to something.
Comment and like!
Bank of Amerika goes in a short zoneNYSE:BAC
Against the backdrop of the general hysteria about the coronovirus, BoA have fallen rapidly over the last two days.
Moreover, price broke a strong weekly support level. The shorts model is strengthened by the fact that the price updated the low of long-distance retest, which is usually impossible in the normal market conditions. As a result, the stock is being openly sold.
I also pay attention to the fact that yesterday closed almost under the low, the hourly and five-minute chart shows the same signal for further fall.
If the fall continues today and they go below the daily level, there will be nothing to stop the price in short zone.
No matter whether you take my ideas into account or not, you should trade only at your own risk-on-trade and from your own MM-strategy.
And don't forget to use SL-orders especially now, in a falling market..
BAC - Double Top ShortBank of America had a double top and it could break below its current support level of 32.39.
Price above 100 and testing previous supportPrice above 100 and testing previous support, good to go long if prce closes above support at 34.08
BAC up coming!BAC have up coming EX-dividend on 03/05/2020 it's good to watch and put in short run around 35.20-35.30.
