Bank of Americaלונג
BAC to New Highs (at least since the housing collpase)
After 12 weeks of consolidation BAC broke out last week. Suggested increase of 13.4% or around a $4.00 move.
Two things to keep in mind are:
1. The resistance that will be met at 33.05, the highest price since 2009
2. One week didn't touch the mode, usually I don't chart a consolidation unless every candle in the consolidation touches. This was otherwise a pretty nice consolidation so I went ahead with it anyways.
Two things to keep in mind are:
1. The resistance that will be met at 33.05, the highest price since 2009
2. One week didn't touch the mode, usually I don't chart a consolidation unless every candle in the consolidation touches. This was otherwise a pretty nice consolidation so I went ahead with it anyways.
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