Upside Reversal for Bank of America BAC
Companies / Company Chart Analysis Oct 26, 2010 - 01:16 PM GMTBy: Mike_Paulenoff
The 4% upmove today in Bank of America (BAC) after it hit lows not seen since May 2009 (on the way up) so far looks technically significant.
My daily and hourly pattern and momentum work on BAC suggest strongly that the most recent downleg from the 14.00 area ended this morning at new multi-month lows at 11.03. The upside reversal (so far) has the "right look" of a significant upside reversal and recovery rally within the 14.00-11.00 price move.
Initial resistance in BAC resides between 12.20 and 12.50, which will be a very important test for the recovering price structure.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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