The most salient feature of the big picture pattern in Bank of America (BAC) is the triangle or coil pattern that has been developing since the Jan 14 high at 15.31, which has the right look of completion now.

If BAC closes in positive territory today above 14.26, after trading at 14.10, given the position of the price structure within the one-month coil, I will be expecting immediate upside continuation that hurdles the coil resistance line and prior rally peak at 14.65/70 on the way to a 16.00 target.

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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