[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.12.0″ _module_preset=”default” global_colors_info=”{}”]
[/et_pb_text][et_pb_text _builder_version=”4.12.0″ _module_preset=”default” global_colors_info=”{}”]All right traders, they wouldn’t take a look at Bank of America B A C earnings are up and out of the way. So that is not a concern for us. But I am looking at a trade based on the tight trader methodology where we can enter a trade for with relatively very small risk compared to our potential reward and trade. So I’ve got a monthly chart over here on the left a weekly chart over here on the right, you can see on the weekly we are putting in a nice little reversal candle here following that doji on the weekly but what’s more important here is we are trading up into longer term resistance structure an area that we haven’t actually been haven’t actually seen since around the Oh 708 levels before we had the financial crisis. And now we are coming up here into this long term structure based on the monthly and weekly so what I’ll do there after identify these areas on the higher timeframes, I’ll drill down into the daily and then that’s where I start looking for some type of topping confirmation pattern that could be in the form of some type of bearish divergence which you can see we’ve got right down here could be a 123 top double top. There’s lots of different ways to confirm trend line breaks and so forth. And we are getting a small trend line break here on the daily trading down near its lows as of this recording. So I’m going to be watching this one here closely. Out likely sell bear call spreads risking up here above the 50 level. First targets are going to be here around the 43 to 44 level and then we try to run it back down level to level down to $40 as next target[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
