BAC’s Bearish Channel Signals Hard Sell
Jenny Rebekka | Jun 26, 2017 11:28AM ET
Stock investors should be aware that the current pattern formation on the Bank of America (NYSE:BAC) chart is bearish. Note how a few months ago the stock had a big fall. Since that fall, there has been choppy sideways action in the lower 50% of the down-move. This is a bearish for Bank of America and signals a coming sharp decline. The decline should be the same size and the previous decline of $2.50. This means there is over 10% downside in Bank of America and a downside target of $20.00. Once Bank of America hits $20, I am a buyer. Until then, I am a short-seller.
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