BAC will trigger a short entry for aggressive traders on a break below the S1 support zone shown here on the daily chart. Price may find some support on the yellow (lower) uptrend line. However, a end of week close below the uptrend line on the weekly chart will trigger a swing short entry for more conventional traders and/or an add-on position for aggressive traders. Daily & weekly charts below:
*+-I’ve spent some time in updating both the Trade Setups category as well as the Active Trades category. Trade Setups are trade ideas that are either currently offering an objective entry, such as an active long trade that has pulled back to support, for example. [continue reading…]
*+-The BAC short trade currently has only one price target at this time, T1 at 10.05, although additional target(s) may be added if this trade begins to pan out. Suggested stop over 13.70.
*+-Regardless of the relentless bid under the market lately, the Too Big To Fail banks still look bearish from a technical perspective at this point. Although the current divergences and bearish price patterns can & will be negated should prices go much higher, at this [continue reading…]
*+-Although there are many key stocks and indices that I’m following which are in the process of backtesting a recently broken key uptrend line or bearish pattern, I’ll just share a few here below. The first is a weekly chart of XOM, the world’s largest [continue reading…]
*+-… but not too big to short. As a follow-up to the recently posts on the XLF short trade, here are the updated charts on the major TBTF banks; BAC, JPM, C, & WFM: