February 15, 2013

BANK Of America chart analysis

  • Bank of America First chart shows price trying to breakout of the range and falling back into it. 
  • Price as long as it stays above the Rising support line shown in first chart or the 50 Day SMA Should continue to favor a bullish breakout.
  • Major resistance for the breakout is the 50% Fib level shown in the monthly chart. Once this level is closed on daily closing basis we may see a bigger up move in BAC. Daily close below 50 Day SMA should lead to a range breakdown.

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