1) The post elections rally drove Bank of America above a major weekly structure zone (18$) that now should act as support (green box)
2) Next major structure zone is way up near 25$. Also where the price will meet the 200 months MA line and complete a pattern.
We are talking about a 10% additional rally in a stock that already doubled itself since 2015.
Will we see another push higher without any pullback?
are scheduled this week. The scenario (short term pullback) involves a weekly pattern. The bulls can either wait for the pullback to create better opportunities or bet blindly on the sentiment that continues to dominate the market.
and are overbought but no Sell Signal provided yet..
Read more about BAC , JPM , XLF and DXY in this week's newsletter
Pay attention to the Fast daily MA line that holds as support but looks fragile.
Read more in this week's newsletter (link in signature)