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.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Tuesday, April 10, 2012

Bank Of America reached the $8.92 support. 2012.04.10

Bank of America was the most affected company after the US Non-Farm Payrolls on Friday and it has dropped by 3.25%, reaching though the $8.92 support level.

The current support level is created by the 38.2% retracement level and the lower limit of the mid-term rising channel. The low volumes in the past weeks are confirming the corrective move and the European optimism could continue in the US session and produce a bounce off the support level.

In case of a reversal in this area, the target will be in the $11.00 area and the first resistance will be in the $10.00 area. However, the financial stocks are known to be vulnerable to market news and especially to FED talks. 

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