Bank of America reversed at the support level of $7.65 and, along with the previous candle, a bullish engulfing candle pattern has formed.
If there won’t be any important news that could influence this stock, the previous target of $8.40-$8.90 could be achieved but if the $7.65 support level is considered as a stop loss, the risk/reward ratio is not satisfactory.
Previous analysis:
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