8.12.17 | BAC | Selloff running into strong Buying Pressure.
| BAC |
This is an update for the idea released on 8.10.17 | Price had diverged from the original formation on 8.10 and reformed a new right above the cloud. Most of the analysis from 8.10 still applies: Price is still trading in a very strong with a lot of very strong that has historically closed price as Doji’s numerous times in the past. There is around 20 cents of left in the suggesting price will begin a breakout within the next two trading sessions. Stochastic’s is still oversold and pending a reversal and the Sentiment Zone Indicator is also pending a reversal at support. The is extremely thick in the near future for price which does suggest that price will not be able to continue this retracement into a reversal. The synopsis is that a selloff may have a hard time to continue past this point, and a retracement from this selloff is now setup to breakout. A close above the two support zones is the first confirmation of a Retracement shaping up to rally.
Entry, use an Intraday chart to buy the swing low.
Exit, The targets are set using a , exit in your own comfort zone. The first target is market in yellow.
Stop, use Daily to help place your stop.