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FX.co ★ Stock market trading, January 7

Stock market trading, January 7

Long positions on Bank of America (#BAC) shares, the US financial conglomerate.

Stock market trading, January 7

On the weekly chart, the price rebound upwardly from the support level. The Marlin oscillator also entered the positive zone. Currently, bullish momentum prevails. The price may hit the first target level of 51.34, which is the support level of December 2006 and January 2007. The second target level is located at 52.96, a high of October 2007.

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Stock market trading, January 7

On the daily chart, the price moved above the Kruzenshtern line, while the Marlin oscillator returned to the green zone. So, the price is likely to keep climbing.

Short positions on FedEx (#FDX) shares, the US delivery and logistics company.

Stock market trading, January 7

On the weekly chart, the price has retreated from the resistance level three times. The third rebound was the result of a test of the resistance line from the second touch of the January peak. The Marlin Oscillator is moving horizontally. It may signal a possible drop below the zero line. The target level is 216.21, a low of October 2021.

Stock market trading, January 7

On the daily chart, the price is trying to move below the Kruzenshtern line, while the Marlin oscillator dropped from the zero line. Shares are trading with a bearish bias.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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