Is a long awaited breakout imminent? I don't predict price, I follow it. So we will have to wait until the close of trading this Friday (7/24) to know for sure (as this is a weekly closing price chart analysis).
If I was interested in owning BAC, a verified break above resistance may be a good time to establish a buy and protect position/strategy by using the former resistance line as support and a stop-loss trigger (if the price dropped back below the resistance/support line it would trigger a sell action to protect capital).
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| click chart to enlarge |
Again, as clearly indicated below and elsewhere on this website in more detail, this is not investment advice - nothing in this post should be construed as advice or a recommendation to buy (or sell) BAC. This is simply an example of how I could potentially use technical analysis with a buy and protect strategy to invest in BAC. I could lose money on an investment in BAC as could anyone else who uses this strategy.
Not Investment Advice | Important Disclaimer:
The content in this article, including the identification and discussion of any specific security (e.g., bond fund), is NOT meant to be and should NOT be
construed and/or used as investment advice. This article is for general
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Financial Disclosure:
The author/publisher has no position in oil or CVX at the time this article was written.
Financial Disclosure:
The author/publisher has no position in oil or CVX at the time this article was written.
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