Bank of America (BAC) – Banks Rally – Oct 23rd, 2019
S&P 500 Market Outlook: Bullish
Bullish Trade: BAC $31.20 – Banks
The bullish DailyPlay we chose for Wednesday, Oct. 23, is Bank of America (BAC). The bullish Standard & Poor 500 (SPY) continued to work on its bearish triple top today, closing down 0.33% to $299.01. SPY sits right below its $302 resistance with support around $294. BAC has a strong Technical Score of 8 and is approaching overbought. BAC recently broke above its $30.30 resistance and looks to continue higher. BAC’s resistance is at $31.37 with support near $30.26.
As a stop loss, if BAC was to trade at below $29.50 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade. Consider taking losses if the price of the trade falls to $0.35 or below.
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