Bank of America - Trading Idea 28/02/2018

Bank of America is one of these stocks, which deserves more attention. It has great fundamentals and grows a little bit each month. But before buying it blindly lets check for a good entry opportunity.
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As usual I will check on the trend and momentum using the Ichimoku cloud and the MAs and then check on the monthly pivot points for good entry and exit strategy.

Lets check on the daily chart, currently the price is 32,33$, which is over the Ichimoku cloud and way over the 200 MA .  These are two bullish confirmations on the trend and looking more closely on the price movement last few weeks, we have a nice rebound on the Ichimoku cloud.

So the trend is bullish, now lets find a good entry opportunities using the montly pivot points. I will use the February candle, as I think it will gave us a really good representation on the support and resistance levels.

R3 R2 R1 PP S1 S2
midpoint midpoint midpoint midpoint midpoint
38.88 37.02 35.16 34.45 33.74 32.59 31.44 30.73 30.02 28.87 27.72

Looking at the levels, currently the price is over the PP level, which is another bullish indicator on the momentum.  Even looking at the chart the 31,44$ is a good entry point, if we wait for the next correction. It has acted a support and ressistance a few times and should hold one more time. The otheer two good options are the  midpoint -32.59 and the S1 - 30.02. Both of these levels acted as a strong ressistance before and now should be a strong support. The exit point will be next pivot point.

Please note that this is my view of the chart and you should trade responsibly.