Which way for $BAC?

Which way for $BAC?


October 2023


Alex Cole

$BAC has rallied from the lows earlier this month.

While in a “NoGo”, we have seen prices climb from the NoGo Countertrend Correction Icon (green arrow) we saw on October 9th. GoNoGo Trend has painted a string of weaker pink bars and GoNoGo Oscillator has rallied to test the zero line from below.  Now, the oscillator has remained at that level and is riding the zero line as the climbing grid of GoNoGo Squeeze reaches its Max.  Yesterday, price was turned away from horizontal resistance that we see on the chart.  While this recent rally has pushed price higher, seen the trend weaken and the oscillator rise to the zero level, the weight of the evidence tells us that we are still in a “NoGo” trend, with GoNoGo Oscillator currently finding resistance at zero.  We will watch to see in which way the Oscillator moves as this will give us price’s likely next direction.  A break of the Max GoNoGo Squeeze into negative territory would likely see price move lower to test the recent lows.

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