12.3.17 | BAC | 30min | Andrew Aponas
Updated
Journal Entry: I am drawing this intraday chart to track along with my daily chart. So far I have created all the drawings on the 1 hour chart and zoomed into the 30 minute. I made a couple adjustments for the 30 minute however other than that it is the same. It looks like the intraday chart has substantial bearish frame work with a Double Top on the Hour and a Triple Top on the 30 minute time frame. Price right now looks like it is pivoting retesting the neckline. The Hourly is showing a small formation of an ascending triangle which is the first indication of divergence from this triple top. In the past I have frequently experienced diverging breakouts from chart patterns on intraday time frames, I would not be surprised to see this reverse bullish by lunchtime. On the 30 minute price looks to be consolidating or possibly shaking in preparation to take the market lower. I am taking note that the breakdown is occurring at a much more efficient rate then a potential rally. This will be interesting to see. Thank You, God Bless. (Intraday I am expecting price to open up bearish)
Indicators:
Aroon is signaling consolidation before a breakout with both lines sloping down horizontal to each other.
AC is consolidated at the 0 line on a potential bullish wave breakout, however there is also a signal line created off the bearish twin peaks that will confirm to sell once the AC plots below it.
MACD is threading below the histogram which is a indication that price is still in a bearish downtrend, a breakout bullish will be confirmed once these lines begin to both curve upwards and close above the 0 line.
Indicators:
Aroon is signaling consolidation before a breakout with both lines sloping down horizontal to each other.
AC is consolidated at the 0 line on a potential bullish wave breakout, however there is also a signal line created off the bearish twin peaks that will confirm to sell once the AC plots below it.
MACD is threading below the histogram which is a indication that price is still in a bearish downtrend, a breakout bullish will be confirmed once these lines begin to both curve upwards and close above the 0 line.
Note
Note
This is a 5 minute chart, I think it might be displaying that the bulls may be setting up a fakeout/feint pattern. It seems the last candle is a bit of an anomaly with a lot of effort and very little result.Note
I may be wrong on the intraday BAC may actually open to rally bullish, based on the following news and the New Corporate Tax Cut.Note
This is a very typical response of BAC, it often times does Gap up. I think this is possibly the beginning of a larger move to the upside for financials, and the above average volume does validate the move. I believe the insiders are participating here. It is also possible that we may see another bullish gap up tomorrow. Historically speaking it has occurred often and price has closed the day in a similar position as Friday. The last candle in the session is a small doji, (in my opinion) obviously this is not bearish and the insiders are keeping the market propped up.
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