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Prepare for the Trading Week: Week of July 16th, 2018 – Trading Bollinger Bands (R) with Multi-Time Frame Analysis

Prepare for trading: Week of July 16th, 2018

A prepared trader is a profitable trader, and Sunday is a great day to get ready for the week. One way to do that is checking out one of the most powerful features on TrendSpider, Multi-Time Frame Analysis. This week, we’re focused on Bollinger Band setups using multiple time frames.

Below are three key tickers that we have analyzed and identified interesting trendline/Bollinger Band setups. We believe keeping an eye on these is crucial to watch this week as earnings for bank stocks started off last Friday.

Key charts & analysis for the week:

Ticker #1: C (Citigroup)

Current technical setup:

  • Trading in a falling wedge pattern on the 240-minute time frame.
  • Price has respected the upper and lower daily Bollinger bands on the 240-minute chart which are acting as support and resistance areas.
  • Price closed down through the MA on the hourly candle suggesting a potential test of the yellow support line below.

Ticker #2: WFC (Wells Fargo & Co)

Current technical setup:

  • The daily candle continues to trade in a tight upward sloping channel but tested support below on Friday suggesting bears may be taking over.
  • If the green support line breaks, we are anticipating a potential test of the lower weekly Bollinger bands.
  • If price breaks through the upper yellow resistance zone, look for a potential breakout to the red resistance line above.

Ticker #3: BAC (Bank of America)

Current technical setup:

  • Bank of America is trading in a very tight range here in a falling wedge formation.
  • Notice how the trendline below coincides almost perfectly with the weekly lower Bollinger Band.
  • Notice the resistance trendline above coincides almost perfectly with SMA (20) which is the middle blue dotted line on the weekly Bollinger band. Look for a strong breakout if the price can close through this area.
  • On the shorter time frame, the 120-minute candle looks to be finding resistance right at the SMA(20) on the daily Bollinger Bands.

 

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REMEMBER: These are charts that have interesting technical setups based on automated technical indicator analysis included. Charts and analysis provided for educational reasons only. TRENDSPIDER IS A CHART ANALYSIS PLATFORM. IT IS NOT INTENDED TO BE TRADING OR INVESTING ADVICE. ALWAYS DO YOUR OWN DUE DILIGENCE USING MULTIPLE SOURCES OF INFORMATION AND/OR SEEK THE ADVICE OF A LICENSED PROFESSIONAL BEFORE TRADING OR INVESTING. Please read our full risk disclaimer on our website by clicking here