Bank Of America (BAC) Draws Closer To A Possible Reversal⎯This Is What To Watch

Our goal each day is to bring you possible trade setups for two major reasons. The first is to put out some free education to traders who are looking for more screen time and who want examples of what to look for when combing the market for possible trades. The other reason is to provide […] August 23, 2023 [Option Sensei] [Bank Of America (BAC) Draws Closer To A Possible Reversal⎯This Is What To Watch]( Our goal each day is to bring you possible trade setups for two major reasons. The first is to put out some free education to traders who are looking for more screen time and who want examples of what to look for when combing the market for possible trades. The other reason is to provide a viable trade you can put on to gain more confidence and experience in the market. Today, we have another one of these opportunities to bring you both thanks to Bank of America (BAC). Financials have had somewhat of a whacky year so far. They found some solid footing after the episode where some major banks went under, causing some consolidation in the space. One could also argue that event sent the rest of the market on its way, as well. However, it hasn’t all been a move higher and higher, as you will see. For BAC, the ride higher has been a bit bumpy. As you can see on the chart, the stock has put in a solid line of support, which has been respected very well. This opens the door to our next trade. As the market continues to pullback, yesterday being a glaring exception, BAC has approached this trendline of support. The trade here is another one that will require some patience, as well as discipline. These trade breakdowns are never a green light to just go and take the trade. It is merely to put it on your radar, so you can keep a close eye on how the trade develops. For this trade, we are looking for yet another bounce off this trendline to take a long position on BAC. If the market can once again find its footing, this should set us up nicely for this bullish play. Again, like our [trade from yesterday]( we need price and volume to confirm this at our key level. We do this by gauging how both react when we get toward this key level of support. If we get a sign of reversal at the support trendline, then we can test calls with a stop just below the trendline, in case the trade tucks tail and runs in the opposite direction. If we get a flush of price at this level, then we know the trade has become invalid and we can either move on to the next trade or see if we get a reversal somewhere below this support level. Either way, this is a great setup to get a little more market experience, so we are that much more prepared for the next trade that crosses our screens. Any instance where you can… Watch the full video at [WEALTHPOP.com]( SPONSOR [Event: Your Financial Privacy At Stake]( According to Florida Governor and GOP presidential hopeful, Ron DeSantis, central bank digital currencies (CBDCs) are instruments that allow "government-sanctioned surveillance." No wonder the Biden Administration is "fast-tracking" them for mainstream use. But don't worry! Our experts will show you how to protect your financial privacy during our upcoming... Gold & Silver Summit on August 30th, 2023 @ 4pm PT / 7pm ET. You will discover the little-known gold and silver strategy that allows you to opt out of the digital dollar and break free from further government control. [Click here to register for free.]( NOTE: If URLs do not appear as live links in your e-mail program, please cut and paste the full URL into the location or address field of your browser. [Privacy Policy]( | [Terms & Conditions]( This is a paid advertisement.This is not a solicitation for the purchase or sale of securities. Readers are encouraged to conduct their own research and due diligence, and/or obtain professional advice, prior to making any investment decision. Advertisements and sponsorships are provided as a service to Wealthpop users . Wealthpop is not responsible for their content, services or products. The statements and opinions contained in this advertisement are not those of Wealthpop, and Wealthpop disclaims any liability for or arising from such statements and opinions. You are hereby advised that Wealthpop is receiving a fee as compensation for the distribution of this advertisement. [Click here to unsubscribe]( Copyright © 2023 Wealthpop. All rights reserved. Magnifi Communities, 1 Penn Plaza, Suite 3910, New York, NY 10019