BAC trade ideas
Nice opportunity on the horizonDespite last week's shitty gains; BAC is still in an uptrend which started back in March.
I think it will continue to climb.
BAC DAily/Hourly demand zone 25.55 - 25.2 BAC DAily/Hourly demand zone 25.55 - 25.2
cmp:25.95 17 aug 2020 price quite near to demand zone, after making few exciting drop in hourly candles
pro:
1. 2 exciting candles legout
2. origin of upmove in hourly candles
3. good single exciting candle legout in daily location time frame
4. BAC is in trend till it hit next weekly supply
Con:
1.Approaching and near weekly supply
2. hourly candles lots of base in left of the zone, so zone might not work
3. SPY is near previous all time high, so if it correct. this level may not hold
Bac good long termThe moving average is good I suggest a wait for it to hit support line
Price target 25.10 - 25. 20
sell after long term New Highs or close
BACI will wait until it crosses this line up and the second bottom as confirmation that the down trend is over
BAC : Bouncing off or collapse ?Hello Everyone! Watch the closing of BAC today as price came closer to its 20 sma and looks like ready to bounce off heading north.
Where north ? if that will be the case 27,50 is next target, than 29,00.
If trend will remain bullish we are going to get confirmation from XLF as well, very close to its 20 sma the index looks like the photocopy of BAC, than if BAC will go up, XLF will do the same and vice versa. The things are connected.
What about a collapse scenario ? Well, we have few supports quite close as well: 32.8% Fibo level (24,85 usd) and 50% (23,55 usd), I expect in the worst case scenario these levels will hold the price.
Take it in two steps : check first closing of today, holding the 20 sma is the first step for the bullish case, and wait for a confirmation candle tomorrow, and....may the market be with us!
BAC Bank of AmericaToday's outlook: Buy from opening, then look for sell near 27 then buy back 25 late session or maybe tomorrow
this sums up overall market move today till tomorrow
Bank of America, possible long positionAfter spending some time watching the chart there are some things that I would like to highlight:
First of all the last candle stays in a crucial zone which is a resistance line. Besides, this candle is above the moving average (150) which could be a long signal and if we follow the analysis the fibonacci retracement lines (150) show us that the current price is below the 0.5 line.
I think that all of this could result in a long position.
I've also seen the fundamentals showing a "normal" P/E ratio and a PEG below the median of the banking industry (1.80 vs 2.20 approximately). Apart from this the stock has a price to book below one which could mean that the stock is quite undervalued.
So, that's my recommendation, hope you like it! Every comment or suggestion is always welcome.
Big players betting on BACThe biggest fish in the tank is betting on Bank of America right now. We know that he is a fundamental based player, but take a closer look at the chart.
The direction is in our favor.
Indicators are up-trending, but RSI is almost overbought, that is why I think we will have a small pullback before the break-out.
I hope this analysis was helpful :)
Plays it smart!
BAC - GREAT Short Opportunity, IF ... !!Hello! Friends,
This would be a great short Opportunity, IF NYSE:BAC breaks down the Daily Support line at $22 (with a whole Candle) !!
Long BACThis looks like a cup and handle formation in the making. With so much open interest on the calls, something is in the works. I'm throwing 100$ at this lol.
BAC Cup and handle formationBAC Cup and handle formation in the making. Most likely retest last support level and take off from there.
BAC : Long AttemptHello,
I think that the BAC weight can be increased by putting stop-loss in the portfolio.
Valuable Risk / Reward Ratio Target : 27.24
Take Profit Points
25.39
25.97
26.74
Stop-Loss : 23.91 or Close Under 23.91
Subsequent to 23.03 causes zone changes.
Regards.
BAC personal recommendation- Warren Buffet has recently purchased many share of BAC
- This is really good trend to Buy banking stock now since technology (nasdaq) is getting correction, due to long bull run.
- Last two days, people tend to buy more stock on NYSE & Dow Jones ( Cruise, Airplane, Bank, Restaurant and Casino stocks )
Warren Buffet is buying blocks of BAC. Let's look at the chart..Buffet has acquired $2.1 billion of BAC in the last 12 days ( see source below ). Because Buffet's time horizon is "never sell", it would make sense to look at an ultra long time frame, like the 12 month candles.
In Q1 of 2020, BAC tested a major level that was supported in Q1 2000, and had significant resistance in Q1 2009, Q1 2010, Q1 2014, and Q1 2015, before it finally broke out in Q1 2016. The first quarter of the last 20 years has been consistently important, proving that once again in 2020.
BAC also tested major technical levels as shown in this chart:
Based on the price action, Bank of America could be a solid investment for long time horizons and a good asset to play the long side for traders. It would not surprise me to see Bank of America double in the next several years. However, traders move money around for a living. Returns are always relative. Other investments are likely to see significantly greater returns than BAC, so what could be a good investment against fiat may not be a good investment against other assets.
markets.businessinsider.com
ACHIEVED 2 TARGETS MOMENTUM LOOKS GOOD- QUICK TGT 27ACHIEVED 2 TARGETS MOMENTUM LOOKS GOOD -QUICK TGT 27
BAC riding Impulse Wave 3 of Elliott wave right into resistance!BAC looks to be riding Wave 3 Impulse with Extension right into strong Resistance. Could be a perfect spot for some consolidation into wave 4 before wave 5 looks to test the resistance. Conversely we could see a push through the resistance and then wave 4 will form and bounce off of the new support. Looking at wave 3 being an extension wave it is at it's 5th point and seems to me that any at this point would lead to wave 4.
- RSI is overbought on 4 hour chart (71) BUT only at 63 on the daily chart SO we could see a blow through of the resistance due to it still having room to move on the daily chart
- looking at the previous may-june wave setup it seems to be doing the same setup, wave 3 tests the resistance and then wave 5 blows through it
opposite: oversold and strong resistance could lead to breaking of the waves and bearish move
Lets see what happens. Happy to hear any critique/ideas on my setups or ideas, thanks!
BAC Fib RetraceBank of America Fib retrace from the big drop, I found that it appears to be trading in a channel currently, possibly near the end as it comes into historically heavy resistance.
Bank America Swing TradeThe price breakout on July 29 caught my attention. I decided to wait a couple days to get some confirmation that the price would hold at the new level. Starting on Jul 31, I've been opening positions based on volume and price analysis at or below to 20-DAY EMA, closing positions based on BUYING volume falling below average. At any other time in history, I would be holding my position through this trend, but given the circumstances unfolding around the world, it seems prudent to be in CASH as often as possible. If the financial sector gets the slightest whiff of unpleasantness, I expect to see a high-volume selloff with little notice. You can see how uneasy the market is given how often this stock gaps down from its upper bollinger band.
