September 8, 2012

Bank of America Weekend update

  • BAC Closes the week above its resistance level 8.4
  • Breakout does not show an increase in volume.
  • Weekly chart is closer to a breakout above the cloud. Recent attempts to breakout above the cloud has failed as seen in the third chart. for a bigger up move price must breakout above the weekly cloud.
  • Last chart shows price with possible Fibonacci resistance levels.

1 comment:

  1. Definitely agree with you on the resistance areas at 9 and 10. If we look at the daily chart for the past six months you can see some resistance (though weak) at around 9. The next resistance area would be 10.