BAC trade ideas
Bank of America TABAC - Bank of America holding around a critical resistance point around 22.30 with higher highs and higher lows, which is an indication of an uptrend and could continue to its next level at around 24.80 if it holds above 22.30
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.
BANC OF AMERICA CORPORATION (BAC)Monthly: Principal down trend from 11/01/2006 to 09/02/2009
Weekly: Secundary up trend
Daily: Start with a down trend since 2/20/2020 (Coronavirus Crisis)
and reversed to an up trend on the 03/23
4H: Fibonacci, have arrived to the 0%level concurring with the Monthly resistance
After having reached the 0% ,the price is going back to level 61,80% again
SHORTS
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.
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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.
Bank of America Rising WedgeRising Wedge breakdown w Fibonacci spiral showing potential areas for downward trend movement
Weekly chart
Large time frame it is difficult to execute trades and lower time frames must be analysed in order for an accurate short.
Warren Buffet BAC with Justin Sun "Reports suggest boomer caught Corona Virus eating bat soup with Justin Sun"
BAC you can enter long now or wait for the breakout .... please your likes comments ans sharing my entries will be supporting to keep posting the entries and good luck.
The banks took a hit. What's next?After a fairly disappointing day across the indices, the dust seems to have settled. BAC is resting on the 100 hr MA and has failed to push past the 22.44 fib on the daily. However, BAC is currently above the Ichimoku Cloud representing an uptrend and has a %K value that has dipped below 25 indicating a potentially ideal long entry opportunity.
BAC - Where to go now?Sort of divergence ahead... News are not good:
markets.businessinsider.com
What are your thoughts here? Thanks!
BAC A GREAT Deep Value Play In The Making But Not Yet This name BAC is a great deep value long term hold in the making keep your eye on the MFI - for "Oversold" on the one year chart - at that point you can sell puts and get the premium or hope you get the stock put to you or simply buy the stock - this name can reach depths no one thinks it can in these time s- Not advice - Do yor own DD
SALE BANK OF AMERICA CORPORATIONSALE BANK OF AMERICA CORPORATION take profit 22.91 and stop lose 24.94
May be a bullish or correction? alternate wave counts for both .Market Commentary:
First have an look for the positional trend i shared here previous....if you are a follower of me...and sometimes i will share the counter trend trade also in 15 mins and 1hr...but that is risky ones...so if the trend is bearish or bullish, if i am expecting the correction...book the profit there and wait the correction to end and again go with the trend....DONT TRADE THE COUNTER TRADE SETUP...you will took loss too...try to identify the sort term pull back and the long term pull back after that took small lots in the short term PB with strict stop and go with big lots in the trend side that is long term.
Read the market commentary inside the chart what i shared here carefully and try to learn Elliott waves...otherwise its tough to understand the market commentary and my analysis. I wont give a entry, stop loss and take profit in my chart...it is only for EDUCATIONAL PURPOSE and i am sharing how i am analysing the pair and labelling them according to the Elliott wave theory...I AM JUST SHOWING THE TREND HOW IT MAY GO AND MY VIEW(it may wrong too)..so DON'T FOLLOW BLINDLY MY CHART..take this as a reference and if it correlate to you strategy took the trade as per your strategy...DON'T ASK ABOUT YOUR RUNNING TRADES i wont comment on them and I WONT SUGGEST TO TAKE MY TRADE SETUP.
