Shares of Bank of America Corp (NYSE:BAC) are less than 5% away from their 7 year highs and I am going to short. The reasoning is simple. As Bank of America currently trades at $19.02, the high from April 2012 is $20.00. It is likely that as early as today the stock will tag that double top pivot. Being the highest level since the financial crisis, investors will likely sell it. I plan to take advantage of it and short the stock. This is a high reward, low risk trade with a pull back likely to $17.85.
Follow my verified trading performance and view my history of trades here: verifiedinvesting.com/AnnabelleTrader
Follow my verified trading performance and view my history of trades here: verifiedinvesting.com/AnnabelleTrader
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.