Bank Of America: A Symmetrical Triangle Formed
AvaTrade | Apr 30, 2015 05:10AM ET
Bank of America (NYSE:BAC)’s stock price is trading in a downward trend on daily time frame. The price has formed a symmetrical triangle pattern. These patterns are usually ranked toward the bottom of raking chart because they usually do not complete their full projections. The direction of this pattern mostly breaks in the direction of the trend which in this instance is towards the downside. The price is also trading below the 50 day and the 100 day moving averages shown in yellow and red colour respectively, and this means that the bears are in control of the price.
The RSI and the MACD indicators are trading in line with the recent price action which is picking up its momentum towards the upside therefore, the bias could be more upward move.
Important Zones
16.76-16.49 Resistance Zone
14.63-14.35 Support Zone
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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