Nothing too fancy today, just looking at some charts. At this point I’m not sure what else I really need to be using as a part of my analysis. There are still a lottt of tools, but I need to remember that they all come from one place: price movement. There comes a point where too many indicators can’t tell me anything else that isn’t covered by some other indicator, so I think I’ll be looking at a few more things and start doing some paper trading on here. There’s a big difference between a buy signal and actually buying the signal.
Anyway, I looked at INTC and BAC today.
INTC: Kind of interesting since the stock is sitting right on a fan retracement and a regular horizontal retracement. Looks like downward pressure back to the support
BAC: This once is interesting just because it’s at flat 8.00. There’s clearly a lot of support/resistance at that level considering like a 3rd of the chart is on that line. I guess technically the trend is down but there’s a good bit of support left in it.