Bank of America stock (NYSE:BAC) has been coming down
significantly in the past few months, going further and further south. This is
a trend that is expected to continue this year.
After consolidating in the months of November and December
2015, the price went below the lower Trendline at the beginning of the year
2016. The recent price action reveals that upward bounces have proffered
short-selling opportunities.
The recent upward bounce in the daily chart is another
short-selling opportunity, for the RSI period 14 is still below the level 50.
Bank of America would reach the demand level at 5.00 this year.
This forecast is ended by the quote below:
“The markets
haven’t been easy for the last few months and I don’t expect them to get any
easier in the short term. Liquidity in a lot of stocks is awful at the moment,
with risk capital being reduced.” – CityTrader (Source: Trade2win)
Market Analyst, Trading Signals Provider and Coach
What Super Traders
Don’t Want You To Know: Super Traders
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