Category Financials

Entries 19 Total

Bank of America (NYSE:BAC) : Double bottom forming with kumo breakout

Dec 22, ’10 7:00 AM

On the Ichimoku Daily Chart, we can see that BAC has breakout of its kumo resistance and is challenging resistance form at the $13 region.

However, the kumo breakout lacks volume when you compared it to its October fall.

A closer look at the Ichimoku Weekly Chart sheds more light.

We can see clearly that BAC has hardly traded above the kumo on the Weekly Chart. This suggest a very weak bullish case.

It’s price level is also fast approaching the trendline resistance at around $13.50

Not a very bullish case in my opinion, given the lack of volume and the possible resistance from the Weekly Chart.

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Goldman Sachs (GS) : Trend remains down

Jun 22, ’10 2:34 PM

Goldman price rises as high as 140.15 yesterday on news that their hearing will be extended to July 19; the original date fo r the hearing was supposed to be yesterday (June 21).

However, the price reverse and close off on the low at 137. Volume is also very low for the day.

GS price is unlikely to go up much until the hearing is completed.

If the reversal plays out, we should have a target of $131 (it’s recent low). Any more bad news (eg. more lawsuits) may see it break the recent low.

Likewise, a confirmed settlement with SEC can revive its price movement upwards.

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Goldman Sachs (GS) : Watch the Kumo Resistance

Jun 5, ’10 2:43 AM

With the broader market having a selloff on Hungary’s economic woes and the poor job data from the US, GS manage to have a little rally that sees it rise to 145.80.

The little rally is fuel in part by speculation that it is going to settle with SEC.

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