Bank of AmericaShort
BAC | BIG Drop for Next Year
Similar distribution pattern to 2022 Feb drop, price continues to make Higher Highs and indicators make Lower Highs while trading in overbought zones
Dont think its the best time to invest but to rather Trade instead with how high price is.
I'm looking at about 40% in price fall by February like the last time but for now long positions may be better at $43, and then price topping out at $50.
To prolong this pattern but not necessarily invalidate it I need to see a breakout above $50 and some type of quick retest with price action overshooting to the high end of the Major Resistance Zone $55, then we can end up seeing more than a 40% drop.
Dont think its the best time to invest but to rather Trade instead with how high price is.
I'm looking at about 40% in price fall by February like the last time but for now long positions may be better at $43, and then price topping out at $50.
To prolong this pattern but not necessarily invalidate it I need to see a breakout above $50 and some type of quick retest with price action overshooting to the high end of the Major Resistance Zone $55, then we can end up seeing more than a 40% drop.
NathanAL
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NathanAL
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.