$BAC Wedge + Trending + Divergence
Monthly Chart
Weekly Chart
1.Wedge
We can see in the 1-hour chart of Bank of America that is forming a wedge. We can see the wedge with the purple lines in the price chart.
2.Regular Divergence
In addition we can also see a regular divergence from 6th March to 23 March while the price was falling the indicator in the Rsi was rising.
3.Trend Line
We can see better in the monthly chart that there is a trend line that is forming from about 2008. The next days that will be tested.And the is the second more general trend line forming decades before.
4. Support Line
Also if we look in the monthly chart we will see that there is a main/strong support line that in the next days will be tested again. The 1st support line lies around at 15.24$ and the second at 4.92$
From the first two factors we can see that might be a breakout and form a new uptrend. At the 1 hour chart we will see that the wedge the 1st trend line and the 1st suport line get together in one spot.
So the first scenario will be to test that support at 15$ and form a new uptrend.
The second scenario is to break that support and fall until it lands at the more strong 2nd support and resistance at around 4,5$ and then form a new uptrend from there.
Scenarios
Weekly Chart
1.Wedge
We can see in the 1-hour chart of Bank of America that is forming a wedge. We can see the wedge with the purple lines in the price chart.
2.Regular Divergence
In addition we can also see a regular divergence from 6th March to 23 March while the price was falling the indicator in the Rsi was rising.
3.Trend Line
We can see better in the monthly chart that there is a trend line that is forming from about 2008. The next days that will be tested.And the is the second more general trend line forming decades before.
4. Support Line
Also if we look in the monthly chart we will see that there is a main/strong support line that in the next days will be tested again. The 1st support line lies around at 15.24$ and the second at 4.92$
From the first two factors we can see that might be a breakout and form a new uptrend. At the 1 hour chart we will see that the wedge the 1st trend line and the 1st suport line get together in one spot.
So the first scenario will be to test that support at 15$ and form a new uptrend.
The second scenario is to break that support and fall until it lands at the more strong 2nd support and resistance at around 4,5$ and then form a new uptrend from there.
Scenarios
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