I think it'll hit 9.
BAC & C have a lot to gain from the FEDs actions
BAC & C have a lot to gain from the FEDs actions
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BAC next stop 9 or 5?
- Thread starter myoffices
- Start date
I bought at the $5 level, my projected price target was $10 within this year
I don't know if it is going to five, but it is getting ready to roll over.
On the attached chart I see the bottom at 4.92, then higher lows on receding volume (bullish sign) at 5.27 and 6.41.
The previous downtrend (lower highs) was broken when BAC went above 5.95 and through its 50 day MA on huge volume early this month.
Support seems to be forming around 7.0 at the moment, probably before the next move up above 7.50.
Looks like a new uptrend to me, plus there are lots of shorts to be covered between 7 and 15, where the last downtrend started in January 2011.
I'm going Long, with a stop at 6.40.
The previous downtrend (lower highs) was broken when BAC went above 5.95 and through its 50 day MA on huge volume early this month.
Support seems to be forming around 7.0 at the moment, probably before the next move up above 7.50.
Looks like a new uptrend to me, plus there are lots of shorts to be covered between 7 and 15, where the last downtrend started in January 2011.
I'm going Long, with a stop at 6.40.
Attachments
Quote from Quickless:
BAC goes up from here. This is a short term forecast. At least a buck in the next 30 days.
BAC tied to mess in Europe. Euro is in rally mode. Implies Greece et al will be resolved in some fashion that reduces market uncertainty.
EU issues have caused moves to the US securities, which explains strengthening dollar. Short Term, it's going up. long term, who knows
The EUR/USD (actually the opposite of what you would think - the rate given is $ per EUR) has gone from 1.2657 Jan 10th - to 1.3221 Jan 27th. This is a huge move for a currency in just 2 weeks.
This is a sign that whatever happens in Greece et al will not be a major financial event.
Yes - problems in Europe drove some money to the US and BAC may have benefited from an all ships rise. However, the financial situation in Europe has a more direct impact on BAC because it has some European Exposure and then it also has made loans to companies that have European debt.
So a rising EUR reduces the uncertainty of BAC's European Exposure.
Anyway - ceteris paribus - short term the trend for BAC is up.
This is a sign that whatever happens in Greece et al will not be a major financial event.
Yes - problems in Europe drove some money to the US and BAC may have benefited from an all ships rise. However, the financial situation in Europe has a more direct impact on BAC because it has some European Exposure and then it also has made loans to companies that have European debt.
So a rising EUR reduces the uncertainty of BAC's European Exposure.
Anyway - ceteris paribus - short term the trend for BAC is up.