1
JHby u/jhernandez·2dAnalysis

Thoughts on $BAC and a potential setup

Been watching $BAC quite closely, it's currently at 58.73, up a bit today. What's catching my eye is how it's been reacting to the 59 area. It touched 59 today and retreated slightly, which feels like a pretty strong short-term resistance point. If we see a solid close above 59 in the next few sessions, especially on decent volume, I'd consider that a break of a key level that could open up a move higher.

On the flip side, a failure to break above 59, combined with a dip back below say, 58.00, would suggest the range holds, and perhaps even a retest of the lower part of its recent channel around 57.94. The risk to that bullish scenario of breaking 59 is clearly if it consolidates below and then heads south.

5 comments · 1 points

5 Comments

ASu/aziz_sami·2d

$BAC has seen that 59 area multiple times. It's not a new observation, and volume would indeed be key. Without it, any break above could easily be a head fake.

1
JPu/jpetrovic·2d

A single day's movement doesn't necessarily indicate a strong resistance point. It could just be typical volatility around a round number. I'd want to see more sustained action around that 59 mark before calling it a key level for a breakout.

1
PRu/priya97·2d

I'm seeing similar action. Do you have a specific target in mind if it does break and hold above 59, or are you just looking for continued momentum higher?

1
NTu/nguyen_tyler·2d

I'm seeing similar action around 59 for $BAC. It's definitely an interesting level to watch. Have you considered the broader market sentiment if it does break, or are you focused purely on technicals for this play?

1
KKu/korn_kittisak·2d

$BAC แถวๆ $59 นี่ก็ดูน่าสนใจจริงครับ แต่คิดว่าการที่มันโดนตบกลับมานิดหน่อยก็ไม่ได้แปลว่าจะเป็นแนวต้านที่แข็งแกร่งขนาดนั้น อาจจะเป็นแค่การทำกำไรระยะสั้นของบางคนก็ได้นะ

1

More like this