Thursday, September 17, 2009

C & BAC - Looks to have bottomed

C - BUY

If C closes higher again tomorrow, ideally over its next resistance level of $4.50, this would confirm a BUY signal. C has bounced back up, over its support level at around $4.10-$4.15, but still has some resistance levels to get through at $4.50, $5.00, and $5.25.


BAC - BUY

BAC looks also like it may have bottomed, as the price now stands over the left shoulder of what would i have considered a head & shoulders formation if BAC continued lower instead. I have covered my position today at a small loss, after seeing BAC cross $17.50. Also, even if BAC heads back lower, I no longer see much opportunnity to make a decent gain on the downside as it has great support at its 50 day MA at $15.50 (heading higher). I have now taken a long position with BAC, expecting to see it hold over $17.50. The safest time to get in BAC would be when it crosses $18.00.

Trading Result: Approximate loss (excluding commissions): -4.00% in 17 days.

September 1st: Entered BAC Short Position @ $16.96
September 17th: Closed BAC Short Position @ $17.64

Long BAC @ $17.6574 - Stop Loss @ $16.54
Posted by Yoel at 10:41 AM

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