BANC - Quadruple BottomFour bottoms along this horizontal trend line placed.
I would say a recovery is possible for price.
This is the Weekly timeframe.
BANC trade ideas
BANC - Inverted H&S CountA attempted count for BANC's inverted H&S pattern
We are currently experiencing the (1) move up
3 Is the head of the pattern (orange)
2, White are the shoulders
BANC put credit16/14 put credit on BANC for 2/19/21 looking for .35. Swing for a couple weeks off good earnings. Watch movement Monday and breaking 16.50 support.
BANC - Long may pull back before hit $13.30 zoneBANC after drop to $11.00 right the main support trend line it reversal back to uptrend.
Pull back drop to $11.70 - $11.90
Target $13.30
I will hold tight without Stop Loss, it not recommend.
Disclaimer
Banc of California Announces Quarterly Dividends and $45 MillionBANC: Banc of California, Inc.
2020-02-10 16:15:00
Banc of California Announces Quarterly Dividends and $45 Million Stock Repurchase Program
BANC 7 RRR shortTrading Methodology:
1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point.
3. A trend-based Fibonacci retracement triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposite trend line .
4. Based on the degree, of the earlier defined angle, the appropriate (and secret) levels are selected for the fibonacci retracement ; two levels for stop-loss and two levels for take-profit. The closest stop-loss level to the current price level is the top priority stop-loss. Though the secondary stop-loss level is often chosen for some markets such as FX and some equities in order to account for seldom unexpected resistance breaks. The greater target level is the top priority, and where majority of the shares are sold, though some may choose to close part of the position at the first target level or set it to be the stop-loss once price exceeds it. Entries should be laddered in around the levels closest of the yellow line.
This trading strategy can be applied to any market and time frame, and positions most often garner the greatest risk-to-reward ratio with the highest success rate. What more can you ask for? I will only be posting my unique trading strategy until EOY. I work solely with price action to identify pennants and apply unique trend-based fibonacci retracement levels for SL and TP levels. Reach out to me if you have any questions.
Wait for the break, then trade the breakoutas we see, we are coming from a double top, heading to a crucial S/R (Support / Resistance). The support was tested several times already and is likely to break.
Still I reccommend you to wait till it is fully broken! Then enter your positions. If you are conservative, wait for the pullback after the breakout. If you are speculative, I recommend you to place a tight SL (Stop Loss), in order to cut losses early (if it breaks out, it will do so without going back up too far...)
-EMA 200 tells us to sell
-Two month downtrend tells us to sell
-Doubletop formation tells us to sell
-Trend is our friend
BUT in the end, the market is always right... Keep that in mind. It doesn't know what we think it will do.
BANC morning star reversal on weekly?BANC has come under alot of criticism for their operations being a little too good to be true and eerily resembling another financial operator with links to the firm that turned out to be fraud (identified by some short activists). BANC responded that it's false and tried to use a firm that is a customer of the bank to help clear the air. We will see in the next several weeks if the daily charts are setup up a strong reversal (bullish) or if it's a dead cat bounce and flagging (bearish).
WHAT I'M LOOKING AT NEXT WEEK (10/24) -- BANC, EWW, XBIFocus in the short term (which is 25-45 DTE for me) will be on ETF's, although opportunities could crop up with earnings (still hoping for a TWTR dip post-earnings to go long via short puts).
Here's what came up on my high IVR/IV screen:
BANC, IVR's 100/IV 100. Options, however, are crappy (monthlies only), but you can get something decent for a 20 delta short put if you're willing to go all the way out to Jan (bullish assumption). The drawback -- in addition to the fact that it only has monthlies -- is that it's a bank. Banks generally aren't known for high volatility, so if you get put the stock, it may be difficult to write calls for something decent to reduce your cost basis if vol collapses at some point going forward here. Things like short strangles or iron condors (which would be vol contraction plays) are cumbersome due to the unavailability of dollar wide strikes.
EWW (the Mexican ETF) IVR 97/IV 32. The general play on this has been bullish on the assumption that Hillary will win, since that's good for Mexico (Donald has said he'll rescind NAFTA, which would be bad for Mexico). I could see further upside if Hillary wins, although it may have priced some of that in already. The Dec 18th 47 short put brings in .70/contract at the mid (bullish assumption; straight premium selling or precursor to covered call). Although this is not the most liquid thing in the world, nondirectional strats like iron condors, short strangles, and iron flies are also workable here.
XBI (the biotech ETF) IVR 88/IV 40. Biotech's been getting a bit of whooping here, and it may not be over, since the notion is that Hillary's bad for pharma and for biotech. She's not keen on high drug prices and has vowed to "do something" to lower drug costs (good luck with that). In any event, the Dec 18th 52 short put brings in 1.07/contract at the mid. (Bullish assumption; straight premium selling or precursor to covered call). A short strangle or iron condor/fly are also doable here.
