Skip to Main Content

07/15/2018 |

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.


Enjoyed this blog? Make sure to click on the links below to follow us on social media for intra-week chart updates:


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