Bank of America (BAC) Hurdles Over Key Resistance level
Companies / Company Chart Analysis Dec 21, 2010 - 01:10 PM GMTBy: Mike_Paulenoff
Bank of America (BAC) has emerged to the upside from its one-week coil pattern, hurdling key near-term resistance at 12.75/76, and should thrust directly towards a test of the December high at 12.93 on the way to 13.25/50 thereafter.
Given the very positive technical set-up, BAC should not weaken and sustain below near-term support at 12.60/50 prior to accelerating to the upside.
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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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