BAC : Bouncing off or collapse ?
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Hello Everyone! Watch the closing of BAC today as price came closer to its 20 sma and looks like ready to bounce off heading north.
Where north ? if that will be the case 27,50 is next target, than 29,00.
If trend will remain bullish we are going to get confirmation from XLF as well, very close to its 20 sma the index looks like the photocopy of BAC, than if BAC will go up, XLF will do the same and vice versa. The things are connected.
What about a collapse scenario ? Well, we have few supports quite close as well: 32.8% Fibo level (24,85 usd) and 50% (23,55 usd), I expect in the worst case scenario these levels will hold the price.
Take it in two steps : check first closing of today, holding the 20 sma is the first step for the bullish case, and wait for a confirmation candle tomorrow, and....may the market be with us!
Where north ? if that will be the case 27,50 is next target, than 29,00.
If trend will remain bullish we are going to get confirmation from XLF as well, very close to its 20 sma the index looks like the photocopy of BAC, than if BAC will go up, XLF will do the same and vice versa. The things are connected.
What about a collapse scenario ? Well, we have few supports quite close as well: 32.8% Fibo level (24,85 usd) and 50% (23,55 usd), I expect in the worst case scenario these levels will hold the price.
Take it in two steps : check first closing of today, holding the 20 sma is the first step for the bullish case, and wait for a confirmation candle tomorrow, and....may the market be with us!
Nota
Closing of today at 25,54 above its 20 sma level of 25,41Nota
Closing of today at 25,51 it started trading below its 20sma during last 30 minutes of the session and quickly recaptured its 20 sma (25,47) during last minutes. Is this bullish ? well, it can be, it is normal to retrace to its 20 sma, leaning on it and start heading north side during next session. This behaviour is not bearish. The price today did not collapse. Kindly post your comments in the section below if you like to to that.
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