I like giving this one a shot at $29, with increasing support from the 200MA at $28 currently as well.
Didn't notice it early enough today, but just got in at $29.38. I see a few levels of support here with over 10% upside. Not the best risk/reward ratio, but looks semi-safe to me.
Dipping a bit the last few days, but still up ~4% on the position so far. About to see a bullish crossover of the 20MA and 50MA and currently holding support at that level.
The cause was used up at $33. It needs to build more cause which could take some time and in the meantime the price will be erratic. There has been no sign of weakness so far, so have to assume it is being re-accumulated. Currently, the cause built gives an upside price objective of $43.50 on a $0.50-box by 3-box-reversal point and figure chart. If supply appears, the downside objective is currently at $14.50. Weekly:
I think there is good evidence to say it is already being supported. On May 3rd it came down on 111M but reversed to close high end and then proceeded to bounce to test 31.17. On May 29th it came back down to test May 3rd on 136M shares, scary bar, but there was no follow-thru suggesting May 29th was being bought by the smart money. On May 31st it re-tested May 29th on 98M shares and then bounced again Today, June 5th it came down again with the volume shrinking further to 47M shares traded It appears to me like they are mopping up the supply of stock for sale. If so, we should see lower volume tomorrow and/or a reversal bar.
I've got an alert on this one when the price gets below $27.25. Will watch it closer at that point near the support level I have drawn in below.
BAC it has dropped below the support #1 line ($26.44) and it is being offered at $26.32. I'm not certain how to read into that move?
Bank of America seems to be moving in the channel. There is no trend, all the lines of Ichimoku are intertwined. Yes, and so it is clear that the price is moving sideways. Stochastic barely touched level 20. I think we should buy cheaper. From the bottom of the canal at 26.00. The price will still update the minimum, and here on this roll down you can buy. Weekly
