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 Falling Wedge formation on 8.10 and reformed a new Falling Wedge right above the cloud. Most of the analysis from 8.10 still applies: Price is still trading in a very strong support zone with a lot of very strong pivot points that has historically closed price as Doji’s numerous times in the past. There is around 20 cents of volatility left in the Wedge 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 Ichimoku Cloud is extremely thick in the near future for price which does suggest that price will not be able to continue this bearish retracement into a bearish reversal. The synopsis is that a selloff may have a hard time to continue bearish past this point, and a bullish retracement from this selloff is now setup to breakout. A close above the two support zones is the first confirmation of a bullish Retracement shaping up to rally.

Entry, use an Intraday chart to buy the swing low.
Exit, The targets are set using a Fibonacci Retracement , exit in your own comfort zone. The first target is market in yellow.
Stop, use Daily Volatility to help place your stop.

Source: StockSetups