4BAC trade ideas
BAC Getting Back To $40.80 - Resistance On The DailyBAC is finally back above $40.50 but now the fight starts at $40.80. It was a previous level of support this quarter now I think it could be a resistance level on the daily chart. Wit the stress test news, it wouldn't surprise me if it waffles a bit around here then hopefully breaks. I'm long right now with both stocks and options on the company.
IF/WHEN $40.80 breaks, then I'd like to see it test and break above the 50DMA sitting around $41.18. Will it happen overnight? we'll see but any major extension could be met with some profit-taking too so I'm keeping that in mind also. Option are for trading, the stock I'm in from the teens and holding long.
Wouldn't want to treat these banks like penny stocks in any way but the recent volatility has definitely brought in some trading momentum as opposed to the buy and hold peeps from earlier in the year.
bank Of America is crushing bac down Bac Stock - bank Of America is crushing
only sale the bac is going down sharply for the next xeeks to come .... please be careful..
after wave analysis the stock will go sharply to complete the c wave of ABC corecction in the monthly frame .
BAC BUY/LONG 43++ to 50++ AUG2021 TICKER CODE: BAC
Company Name: BANK OF AMERICA CORPORATION
Industry: US Stocks Finance Major Banks
Position Proposed: NOW READY 39.86
Entry:
1st Partial Take Profit: 43.00-43.45 (JUL21)
2nd Partial Take Profit: 49.60-50.04 (AUG21)
NEXT BUY ENTRY: 33.02
Stop Loss: 31.95
Technical Analysis
1. Broke through EMA
2. Ascending Wedge (Partially completed)
3. RSI Oversold
4. Area of Confluence
5. Fibonacci Retracement near 0.618 and at next market structure
BAC near 50 day support Nearing trendline support at the 50 day MA. It's been keeping this trend for > 6 months. I don't expect anything to change. The $42 calls are not a bad price even for a month out.
BAC TrendLooking at the 50EMA, we see BAC coming back into its monthly trend, catching support at the 50 and rallying 10%. This time BAC fell on extremely low volume while the RSI is also catching support. Financials are still in rotation and will be adding to this position over the week, aiming for mid/high 40s by early July.
BAC (Short it)Rising wedge.
should lose minimum 30%
Grab some August contracts.
JPM in the same position
BAC: Trend violated. So what's next?Investors don't like banks anymore. Inflation feels to be under check or not a concern at the moment and the US10Y on a decline. Interest rates are not going anywhere for now. So there will not be much of a demand for banks.
Today BAC broke below its 5-month trendline and should go back to test the upper channel of pre-pandemic (see the weekly chart). There is a chance that this was a bear trap so we shall wait for a confirmation. Remember the 2 days or 3% rule.
Bank of América Ending diagonal on 4h
Rsi Bearish divergence on 4h and 1d
Decreasing volume while price is increasing
Exhaust signal for me
Correction signal for me
Nice place to buy some otm puts
BACWho do have to petition to make the market 6 days a week? If banks are open 6 days a week so should the market.
Buy at $24Staying above lowest fib for weeks. Buy at $24 wont fall below $20 all month. I use metra trader chart with other patterns also
Elliott Wave View: BAC (Bank of America) Wave 5 in ProgressBank of America (BAC) has just made a 12 year high and structure from February 1, 2021 suggests the rally is unfolding as a 5 waves impulsive Elliott Wave structure. Up from February 1, wave 1 ended at 39.97 and wave 2 pullback ended at 36.63. The stock rallies higher again and ended wave 3 at 42.94 as the 45 minutes chart below shows. Pullback in wave 4 completed at 40.78.
Internal subdivision of wave 4 unfolded as a zigzag Elliott Wave structure. Down from wave 3, wave ((a)) ended at 41.37 and bounce in wave ((b)) ended at 42.56. Last leg lower wave ((c)) of 4 has completed at 40.70. From there, stock has resumed higher in wave 5. BAC has broken above wave 3 at 42.94 suggesting the next leg higher has started. Up from wave 4, wave (i) ended at 42.48 and pullback in wave (ii) ended at 42. Wave (iii) ended at 42.85, wave (iv) ended at 42.57 and wave (v) ended at 42.95. This should complete wave ((i)) of 5 in higher degree.
Wave ((ii)) pullback is now in progress to correct cycle from May 13 low before the rally resumes. As far as May 13 low pivot at 40.70 remains intact, expect dips to find support in 3, 7, 11 swing for more upside.
