No, you were just confused, you meant to say that it was the top and a big downtrend is starting! I would be standing back here, lets see if this flushes lower this entire week.
The primary trend is UP and BAC did not build enough cause at the recent top for the drop it experienced yesterday. The longer term Point & Figure target is $30.50. This is could be a gift. I guess it's possible the trading range beginning in December was distribution and the breakout from mid February til yesterday was an upthrust after distribution. Daily chart printed intraday about 11:30 CDT
$BAC (-1.7% pre) Citi Downgrades Bank of America to Neutral, $25 PT https://www.streetinsider.com/Analy...ank+of+America+(BAC)+to+Neutral/12740173.html
Financial giant Bank of America ($BAC) also reported first quarter results that exceeded analyst estimates on both the top and bottom lines.
Getting closer to $22 support, the lower BB, and added support at the 200MA. Plus it's getting more oversold. If all of those don't scream bounce, then I don't know what does. Just hope it gets down closer to $22 so I find myself an entry.
The article just below this one by "The Street" has a must read article for BAC investors. Bad news for shorts I am afraid.
Bank of America Corp. posted a second-quarter profit of 46 cents a share, above forecasts of 43 cents.
Bank of America Corp. published its quarterly report, which showed growth in almost all business segments, as well as an increase in profitability.
Its been stuck in a sideways range for this entire year, not seeing any big moves to get out of that just yet. I do expect a move higher here.
Bank of America announced this week it is partnering with PayPal to make it easier for customers to make online and in-store payments.
Futures are green. I have a feeling banks will rise back up tomorrow and BAC will lead the way with a great earnings premarket
Liked the move today and bot one lot at the closing price of 27.64. The 3-box-reversal point and figure gives targets of 33.25 for both the base count and the stepping stone (re-accumulation) count. So it is ready to go for about 20% upside from here. Thanks to Jrich for bringing it to my attention. Daily Vertical Chart ending Nov 28, 2017
Finally back here after many years. Remember last rocking this board when the site was called HotStockMarket. Anyway, still own the 20,006 shares of BAC that I accumulated in 2011. Remember paying as low as $5.42. This thing still has significant room in front of it imo. Long and strong to at least 2x book whenever that happens. New 5B buyback announced today suggests to me Moynihan and Warren B still think it's cheap too.
Starting to watch closer now for an exit. It has entered my Point & Figure target area; 32 to 34.50. Currently up 17.6%. The full Monte would be nearly 25%.
Took my bread off this bankster's table. Appears like it won't give me anymore and wants to head back down to test the February lows. It has used up its cause from the previous trading range and now needs to build more.
