Bank of America (BAC): Beware Triple Tops!

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BAC formed a Dark Cloud Cover reversal candlestick pattern at the resistance and have a potential of forming a Triple Tops pattern. I moved my stop loss just below $12.00 psychological support to protect my profit.

Possible Scenarios & Trading Plan:

  • If BAC can stay above the $12.00 support, I will stick to my trading plan to let BAC to head towards $14.40 (161.8% FR). I will continue to move my stop loss upward to protect the profit.
  • If BAC breaks $12.00 support, I will be stopped out. The next plan is to wait for BAC to retrace back to the neckline of $11.00 (also the uptrend channel support – marked in green) and see whether this support can be hold. If there is reversal pattern at $11.00, I will long BAC again. If the $11.00 support is broken, there will be a breakout of Triple Tops chart pattern with price target below $10.00.  I may consider to short BAC using Put option.

See previous BAC analysis and chart pattern with different time scale here.

BAC Mar10-2013

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Bank of America (BAC): Double Tops at Sight!

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Bank of America (BAC) is forming a Double Tops with neckline at about $11.00. If BAC rebound from this neckline (also the 61.8% FR), BAC will continue the uptrend with price target of $14.40 (161.8% FR). If BAC break below $11.00 support, the price target of this Double Tops breakout is about $10.00

Key Statistics for BAC

Current P/E Ratio (ttm) 12.2033
Estimated P/E(12/2013) 11.2814
Relative P/E vs. SPX 0.8262
Earnings Per Share (USD) (ttm) 0.9200
Est. EPS (USD) (12/2013) 0.9950
Est. PEG Ratio 1.3017
Market Cap (M USD) 121,007.57
Shares Outstanding (M) 10,778.26
30 Day Average Volume 157,886,592
Price/Book (mrq) 0.5546
Price/Sale (ttm) 1.2045
Dividend Indicated Gross Yield 0.36%
Cash Dividend (USD) 0.0100
Last Dividend 02/27/2013
5 Year Dividend Growth -55.91%
Next Earnings Announcement 04/17/2013
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Bank of America (BAC): Breakout from Ascending Triangle

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Technical Analysis on Bank of America (BAC)
  • BAC broke out from Ascending Triangle at $10.00 and heading towards the breakout target price of $12.00 (also 161.8% FR)
  • RSI = 75 overbought region.
  • Currently BAC has reversed to uptrend (above 20D, 50D and 200D SMA).
  • Too late to chase now. Wait for the retracement back to $10.00 to test the resistance turned support for a better entry point.

Key Statistics for BAC

Current P/E Ratio (ttm) 18.5082
Estimated P/E(12/2012) 19.6348
Relative P/E vs. SPX 1.2722
Earnings Per Share (USD) (ttm) 0.6100
Est. EPS (USD) (12/2012) 0.5750
Est. PEG Ratio 2.0668
Market Cap (M USD) 121,684.50
Shares Outstanding (M) 10,778.08
30 Day Average Volume 159,106,896
Price/Book (mrq) 0.5535
Price/Sale (ttm) 1.1136
Dividend Indicated Gross Yield 0.35%
Cash Dividend (USD) 0.0100
Last Dividend 12/05/2012
5 Year Dividend Growth -55.91%
Next Earnings Announcement 01/17/2013
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