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).

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Wednesday, May 2, 2012

Bank of America (BAC) - support at $8.00. 2012.05.02

The daily chart of Bank of America (BAC) shows that for now, some of the investors considered the $8.00 level as a good support and a buy opportunity.

As mentioned in the previous analysis ( ) the 38.2% retracement level of the December-March rise could be a reversal level as it stands in the same area as the February congestion area.

However, the volumes in the last few sessions are not big enough yet to offer confidence for the bulls. In case of a reversal in this area, the first target will be in the $10.00 area, followed by the $11.30 area.

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