Stock market: BAC is soaring

Stock market: BAC is soaring

2019-11-11 • Updated

Trade idea

BUY 31.40; TP1 32.00; TP2 33.00; SL 31.10

Have a look at the stock of Bank of America (BAC). Last week it released a positive earnings report and investors liked it a lot. The stock is at the highest levels in a year, above the resistance line from the 2018 highs. Yesterday it closed above the $31.00 mark.

Notice that the price action is in line with the bearish harmonic “Butterfly” pattern. It means that the price has firstly to complete the pattern by rising to the 33.00 area. Then it will start correcting down.  

You can trade stocks with FBS using MetaTrader 5.

BAC.png

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