BANC Bullish Stock Going UP and Confirmed!Hello,
Ayrfolio trade ideas are based on weekly charts and momentum, so remember to be patient! No day trades here unless the stock soars up intraday. Today we’re covering:
COMPANY: Banc of California, Inc.
STOCK SYMBOL: BANC
POSITION: Long
TP1 Risk-Reward Ratio: 1.68
TP2 Risk-Reward Ratio: 3.36
Stop Loss: must wait AFTER daily candle closes to exit trade (regular candle, NOT Heiken Ashi)
Ultimate Stop Loss: can exit IMMEDIATELY if price reaches this level during any trading hours
EXPLANATI
Banc of California, Inc. Depositary Shares, each representing a 1/40th interest in a share of 7.75% non-cumulative perpetual preferred stock, Series F
No trades
No trades
In-depth trading ideas
BANC 7 RRR shortTrading Methodology:
1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point.
3. A trend-based Fibonacci retracement triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposit
Wait for the break, then trade the breakoutas we see, we are coming from a double top, heading to a crucial S/R (Support / Resistance). The support was tested several times already and is likely to break.
Still I reccommend you to wait till it is fully broken! Then enter your positions. If you are conservative, wait for the pullback after the breakout. If you are speculative, I recommend you to place a tight SL (Stop Loss), in order to cut losses early (if it breaks out, it will do so without going back up too far...)
-EMA 200 tells us
BANC morning star reversal on weekly?BANC has come under alot of criticism for their operations being a little too good to be true and eerily resembling another financial operator with links to the firm that turned out to be fraud (identified by some short activists). BANC responded that it's false and tried to use a firm that is a customer of the bank to help clear the air. We will see in the next several weeks if the daily charts are setup up a strong reversal (bullish) or if it's a dead cat bounce and flagging (bearish).
WHAT I'M LOOKING AT NEXT WEEK (10/24) -- BANC, EWW, XBIFocus in the short term (which is 25-45 DTE for me) will be on ETF's, although opportunities could crop up with earnings (still hoping for a TWTR dip post-earnings to go long via short puts).
Here's what came up on my high IVR/IV screen:
BANC, IVR's 100/IV 100. Options, however, are crappy (monthlies only), but you can get something decent for a 20 delta short put if you're willing to go all the way out to Jan (bullish assumption). The drawback -- in addition to the fact that it only has mo













