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Right now all of my work in Cisco (CSCO) argues very strongly that the April 19 low at 16.52 ended its bear market phase from its April 30 high at 27.74. If accurate, this means that the strength off of 16.52 either represents the start of a powerful counter-trend recovery rally (that projects to 18.20/50 next) or the start of a new bull phase that should propel CSCO well beyond 18.20/50.
Originally published on MPTrader.com.
Originally published on TheTechTrader.com.
My near-term and 6-month pattern and momentum work on Bank of America (BAC) indicate that the price structure has some unfinished business on the downside prior to embarking on a sustainable rally period.
The very negative juxtaposition of the 21, 55, and 200 DMA's is creating significant downward price pressure, which, when coupled with the pattern that BAC has carved out off of its January recovery high at 15.31, projects lower prices into the 11.85/50 area next.
Such as decline will represent a retest of the Nov-Dec 2010 lows in and around 11.00. It will be during a retest that I will be watching closely for a significant upside reversal technical signal that BAC has finished its post-Jan 2011 correction. This should take the form of a multi-month, double-bottom base pattern that will have the potential to propel BAC to 15.00/30 and then 17.00-18.00 thereafter.
Only a sustained climb above 12.85 will begin to neutralize the current negative technical set-up, while a climb above 14.15 is needed to trigger initial upside reversal signals.
Originally published on MPTrader.com.
Originally published on TheTechTrader.com.
Originally published on TheTechTrader.com.
