BOH Bank of Hawaii Is this a safe short?BOH has been in a downtrend for 2 months since the very beginning of the small bank crisis all
precipitated by the fed and its rate hikes confounding the value of bonds with fixed yields.
As can be seen on the 4H chart, price was in consolidation in January and February but the
dropped out of the supply / resistance zone which is quite thick by the Luxalgo indicator.
Price hit another consolidation range at about $ 50 and then moved lower as the banking crisis
was temporarily stabilized but then took another downside leg. the moving averages show
price underneath both the EMA 100 and EMA 20 while also in the range of three standard
deviations below the mean anchored VWAP. the EMA100 and the mean anchored VWAP
provide confluent super-trend direction. Support is breaking down; Price is in the deep
undervalued area and has not stabilized where it is. As such it bargain hunter's dream but
more likely a solid and sate shorting candidate. I always keep in mind if a catalyst such as
federal rescue measures comes into play, and price reverses above say $36.00 some buying
momentum could come into effect especially if short sellers need to cover their positions to
out with a small profit or loss. This play would have far less liquidity than PACW but perhaps
more room to the downside from which to realize profit.
BOH trade ideas
ERX Energy is backERX is a leveraged ETF tracking the energy sector. On the 4H chart it has been in a downtrend
since mid-March. IT dropped to the bottom of the high volume area on the long term profile
as well as the lowermost VWAP band. Firday May 12th marked the reversal with buying volume
replacing selling volume and then a significant rise in price in the past week.
On the AI moving moving average indicator, the optimized shorter Hull moving average
(red line) has crossed over the longer EMA moving average ( blue line) as has the price.
I conclude the energy sector is heating up. My new idea on BOIL supports this. I will take
trades with energy in mind and review big oil stocks and natural gas stocks as well as
pipeline and oilfield services stocks.
Elliott Wave PrincipleWe can clearly see 5 waves up so now we have to see definitely a correction ABC! We know for sure that we are in a bear market from now on the question is how long that will last we may even retrace all 5 waves at some point of the trend depends how the market moves.I'm Trying to create an youtube channel! I`m working only with Elliott Wave so if you want you see my prediction back in October that came true in December can follow me there --> www.youtube.com
BOH: Long opportunityAn intraday high potential, Back Tested Long Analysis.
We ll try to find an entry price within the expected pull back zone 79.53 - 80.66 as previously being back tested.
DETAILS ON THE CHART
NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.