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BAC

Is it breaking out of a weekly Triangle? Since its 2012- 2013 uptrend line was broken $BAC has been trading inside what looks like a weekly Triangle pattern (see black dashed line and the 17.5-18$ structure zone shown in the chart) During July, $BAC has completed a weekly bearish Bat pattern (PRZ between 17.8$ and 18.3$ that managed to stop, for a while, the stock's rally. The pattern's targets are 16.8$ and 16$, but for now we see that the price is finding support inside the structure zone. The question now is how will the price will react to the 17.5-18$ zone. A close above it, could mean a weekly breakout from the weekly triangle. A close above 18.3$ will also violate the bearish Bat pattern. A close below 17.5$ can be interpreted as weekly False Break and signal that the price will head lower towards the pattern's targets and possibly the bottom of the Triangle. As long as the price remains within the PRZ, I'm sticking with the pattern, despite the fact that we saw the price bouncing from 17.5$ (warning signal for bears) The R/R is great and Bats usually are reliable patterns. If you like this analysis and you're looking for more swing trading ideas - Subscribe to my free weekly newsletters - goo.gl
NYSE:BACShort
by themarketzone
1
BAC looks bullish & could b/o of recent consolidation to 20 lvl.Looks bullish here as it has been in a consolidation range ever since 1/14' and has for the most part been btw 15-18 zone. Financials have come back stronger this year and with interest rates set to be raised soon which could lead to better earnings from banks......financials are set to continue to be strong. For BAC.....it has been stuck below 18 lvls. ever since 09' bottom lows & 18 is a major resistence lvl. for it to close above and hold for a few weeks.......if it breaks 18 w/ volume & holds above it then it will have b/o to the upside of the consolidation range & continue the bullish trend w/ tgt.#1=21.50 & tgt.#2=24......as always watch volume for confirmation.
NYSE:BACLong
by djflowmaster
1
BAC Great Risk/Reward Trade Idea Here is my take on how to trade BAC's ascending triangle. If I were to take a position at the current price of about 15.68 and set a stop between 14.92 (on the tight sight) and 14.72 (on the looser end) I would be risking anywhere from .70 to .90. Say I take a stop at .80, well my target is actually below the previous high ranging from 17.5- 18.0, making my profit anywhere from 1.82- 2.32. If I were to lock in a $2 profit, I would have a risk reward ratio 1:2.5. Not to shabby. Where did I come up with these targets? Well if you take a look at the chart you can see the rising trendline where higher highs are being created. If price were to break below 15.00 that trendline would be broken. However you have to be weary of fake outs. Instead of setting a tight stop at 14.99, I decided to take 14.72 and draw a line in the sand so to speak. By this point Three additional critical points of support would have been broken, and the case for the ascending triangle deteriorates. As for the profit target, it is VERY conservative. First of all if we saw follow through with the ascending triangle pattern you can expect 20-35% rise from the BREAKOUT point. However, because of fake outs and potential reversals, a conservative approach would be to lock in some profits at the first target price, and letting the rest ride to see if we get follow through with the ascending triangle pattern. What chart should I analyze next? Comment below!
NYSE:BACLong
by Ape
12
BAC Update - Don't short yet!Last night I had posted a BAC channel that may be testing resistance. However, this chart has more accurate resistance levels and indicates a move higher. There are 4 possibilities, 3 of which are very close to one another at around 16.50. The one closer to 17 may work (3 touches) but there is no valid parallel support. The red line was my previous resistance expectation, but this may fail this week. The problem was that I used the July 3 close instead of the high. My guess is a small trading range near one of these price levels followed by a weak sell off to a support. No position, wait for signal.
NYSE:BAC
by mbrennan
BAC Testing Channel Resistance - Exhausted? Or First Leg of B/O?A longer term channel (darker blue) as well as the shorter term channel are both being tested at the very strong resistance. Also, there is a strong horizontal price magnet at 16.20, probably will hold. Obviously we saw on Thursday the very strong bull spike. Price action would probably say this is an exhausted bull. However, we may also get a short term trading range (barb wire?) and then it could bounce off the 16.20 level to the upside, in which case we'd have a bull b/o with a probable sell off around 16.50 (TR) and 18 (swing high). I would sell a close 1 tick below Friday's low (16.05), but a lot of traders may decide to short once it breaks 16. We'll just have to wait UPDATE 8-26: Doji top at a resistance slightly above the one drawn. Also, the resistance is at about a 61.8 level and approaching the pitchfork median line
NYSE:BACShort
by mbrennan
Potential Bullish Butterfly ReversalMeasuring the A to B leg with fibonacci , C slams right into the .382 fibonacci retracement. If the .382 can hold it's resistance and throne, we may see possibility of a bullish butterfly completing at price $12.65, 1.27 extension level. Although A to B extension 1.27 and C to B extension 1.628 does shows confluence, price may reject these levels as support and bounce back up. All we can do is predict. Price action is our play book, whatever price does, we follow.. Let's see what happens. ****************************************************************************** For inquires of education, live trading room, or prop trader funding email epicdaytrading@gmail.com Skype: epicdaytrading PH: +1 940-448-0281 ******************************************************************************
NYSE:BACLong
by Yuba_Tamazgha
BAC continuation move, weakness after H&S resolved to downsideBanks also continue to look very weak as Bank of America (BAC) broke lower out of a lower level consolidation. The stock gapped down on it's earnings. Now we have point of reference at $14.71, if it will go through previous low of the day I will be considering Short option. Resistance at $14.86 then $15.00, if price will pullback to that area I expect to see some selling. Overall, financial sector shows relative weakness vs broad market and with futeres down we can see some continuation move down in this sector.
NYSE:BACShort
by andrew.berg
1