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 10^th 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.