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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: Qualified Opinion who wrote (41490)	12/9/2012 11:13:33 AM
From: Vendit™	2 Recommendations Read Replies (2) \| Respond to of 222439

Good morning QO Let me begin by qualifying my answer as strictly my personal technical opinion so take it as that. BAC's longer term indicators are all in their sell zones however there is no confirmed sell at this time. If the financial sectors stays strong as it appears then BAC should follow it both up and down. Note the position of the upper tine on the fork; it is the technical sell target on a short term swing if this trend continues. Lower support when the selling begins is $10 on the nose. Falling volume is also something to consider. I've also circled three similar tall candles groups that look like the same formation that we see from the past three trading days. Both of the last two formations ended up in short term sell offs followed by a new and higher swing up. JPM's chart is extremely similar to BAC's in that all of its indicators are in the sell zone meaning their recent trends are about to reverse. The positive thing I see on this chart are that Friday's candle is bullish and is pushing the upper band in blue. This signals a continuation of the trend. If you use charts then set them up with Bollinger bands and as sone as the daily candle falls away (down) and its top loses contact with the bans that will confirm a sell signal and long positions should be existed. Lower support is $41.80. The upper target is about $45.