As stocks sold off this afternoon, one stock that I have followed for quite a few years is Bank Of America Stock (BAC) and it too has had quite the movement over the last 3 days.
I placed a trade in the stock yesterday but with it back down today I thought perhaps a look at support levels would be interesting, especially considering that I have open positions on the stock.
Usually looking ahead to determine where I may have to roll a trade to, if I want to stay in the trade, is a great way to stay focused.
In other words I like having a plan just in case my trade doesn’t work the way I thought it would.
Having a plan is essential when investing. To understand the importance of having a plan, try reading this article
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Disclaimer: There are risks involved in all investment strategies and investors can and do lose capital. Trade at your own risk.