Bat Still Valid - Can it hold?
Despite Yesterday's rally in the stock markets, $BAC's Bat pattern wasn't violated as the price remained inside the PRZ,
The fact that the price climbed above the Fast SMA line and created a minor uptrend line is a bullish signal but as long as the price remains below the broken major trend line and below X (18.5$) the bearish scenario is still valid.
Assuming that we will see $BAC testing 18$ again, the R/R for the bearish setup is about 2.
More conservative traders should probably wait for the price to close below the Fast SMA line.. at least.
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
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The fact that the price climbed above the Fast SMA line and created a minor uptrend line is a bullish signal but as long as the price remains below the broken major trend line and below X (18.5$) the bearish scenario is still valid.
Assuming that we will see $BAC testing 18$ again, the R/R for the bearish setup is about 2.
More conservative traders should probably wait for the price to close below the Fast SMA line.. at least.
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week goo.gl/OqxESa
To subscribe to the newsletters - goo.gl/HXjCPV
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT
Komen:
Consolidating inside the PRZ.
