April 9, 2012

Bank of America Weekly update

  • Correction of BAC is taking the price towards the up trend line. Price has closed below 20 Day SMA It's yet to test the up trend line which is expected to give support for the stock.
  • Fibonacci level of 23.6% is coinciding with the up trend line thus giving hope for bulls of a turnaround from this level.
  • Last chart is shown with the Golden cross. Rising 50 Day SMA should be a strong support level. Price has to stay above this level to maintain the bullish structure.

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