Hi Traders! We have Bank Of America buy idea at the bottom of the range.
Bank Of America Daily Chart:
On the Daily chart the highs and lows has reached the same support and resistance zone creating a range for us and the price is moving inside this range at the moment. We can confirm this range as a valid one with the two false breaks that has happened. Currently the price is above the bottom of this range. Also a bullish divergence is forming hence we may expect a bullish momentum to happen anytime soon once it gets completed.
Hence we may now expect the price to move lower and reach the bottom of the range which will also complete this bullish divergence that is forming at the moment and reversal to happen after after that.Advertisement
Bank Of America H4 Chart:
On the H4 chart we have a bearish double cycle and price reacted from the 61.8% fibo retracement. If we get the second leg of this H4 bearish double cycle to complete itself inside the D1 range we can then look for buys in the short term as long as the bottom of the range is holding. Also we already have a bullish divergence that has formed which can be considered as an added confirmation for bullish reversal.
“Are we going to get another push down? No one knows, but we will follow and stick to our plan and levels and see if the market will provide us with whatever we are looking for”
Bank Of America Daily Chart – Bearish Scenario:
On the daily chart we had a special cycle that has completed itself, after that the price is moving inside the range as shown in the screenshot. In case if this range is broken down we can expect the price to move lower towards the 18-19 zone. If we get a confirmed breakout we can look for sells towards the next level Once the price reaches the next level we can then look for confirmations of bullish reversal and then look for buys.
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