For the Larger Market, there was 'early' positive signs, yesterday. Not a bottom confirmation. By definition, a bottom is confirmed after it is tested to meet certain criteria in the Indicators. It requires time. We shall see what follows next week.
For BAC, the Oscillators are at extreme oversold conditions. One thing about them is that in strong trends- up or down - they appear to suggest the bottom is at hand, yet the trend continues in the same direction. They are not reliable in strong trends. The main trend is defined by the moving averages and volume metrics. PSAR is one of those that sets a safer confirmation standards. Now, both the weekly and daily are in downtrend. However, it depends on one's plans- time-frames and style of trading/investing. Bottoms are 'confirmed' looking back.
We may have some relief (upside) here, but again, by definition they are not used as 'confirmation' at this stage. Since it could be a breather along the current trend. At least, no known at this time.
The downfall in price from about $18 to low $13's in relatively short few weeks was brutal, same as in the Larger Market. It is apparent that some buying is coming for both, in general at this time. Point being, nobody knows, even though there is some 'increasing' interest in buying as indicated by volume. GLTY
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