May 17, 2013

Bank of America Broadening pattern

  • First chart shows broadening pattern in daily time frame. Price pausing at the resistance line
  • Hour chart shown with 50 Hour SMA. Price falling from the resistance line and closing below 50 Hour SMA at this stage may give a bigger correction as shown in the chart.
  • Price sustaining above 13.55 will negate the bearish scenario discussed above.

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