Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

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Thursday, January 26, 2012

Bank Of America is on its way to $8.40 target

Bank of America (BAC) gained more than 10% since the break out of the falling wedge on the 10th of January, confirming the bullish expectancies of the previous analysis (http://markettechnicalview.blogspot.com/2012/01/bank-of-america-broke-important-trend.html).

The short term (days to weeks) outlook has the same target zone in focus ($8.40-$8.90) but the $7.40 level is a resistance due to the previous key levels. The most important support on the short term is in the $6.40 area.

The medium term perspective (up to one year) could get prices towards the 62% retracement of 2011 decline, in the $11.00 area. A confirmation for this move will be given in case TARGET 1 will be breached and settled as support. 


Posted by Adrian Filip at 2:42 PM
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