Bank of America Institutional Buy Level Revealed - Trade Stocks

Bank of America Institutional Buy Level Revealed

By Tue, Mar 17, 2020

Shares of Bank of America (BAC) continue to collapse lower after the Federal Reserve lowered interest rates to near zero. The banks will have to continue to diversify their portfolio in order to make money. The good news is, these big banks are at no risk (right now) of going out of business. The question is, where is the Bank of America institutional buy level?

Based on talking to various fund managers that are sitting with cash on the sidelines and analyzing the stock charts closely, it appears there is an epic level at $18.00. The low of today was $19.73. This means the Bank of America institutional buy level is not far away. This $18 level would also be an approximate 61.80% Fibonacci retrace from the 2009 lows (the financial collapse) as well as a 50% drop from the recent highs.

Investors should be eyeing this level as a major accumulation zone on Bank of America. It is likely that investors will dream about these levels in a year, wishing they had another chance to buy. Most investors are too fearful to buy when panic is hitting, but common sense will hopefully prevail.


(Source: inthemoneystocks.com)

About the Author

Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial adviser but his heart was always in swing and day trading. He had this long standing belief that he could help investors make more money by advising them on shorter term investments (holding a stock for days to weeks) than the buy and hold crowd who lost 50% of their money during every market collapse. “Why not profit during the bear markets just like the bull markets”, he said. While helping others gain financial independence during the day, he spent his nights studying charts and price action, developing a unique market trading system that put his profits on a rocket ship. Some nights he would barely sleep when he found a new technique that was proven, once back-tested.