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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Thursday, April 5, 2012

Bank Of America - in a corrective move. 2012.04.05

The Bank of America shares price are in a corrective move for the past few weeks, retracing from the 50% fibonnacci level which acts as a resistance.

The declining volumes are typical for the corrective move of the market and the $8.90 area stands as a support for price. Moreover, the rising channel is framing the market and its limits are offering support and resistance for the price.

An eventual reverse in the support area will set the market for a bullish perspective, targeting the $11.07-$11.34 area. 

Previous analysis here: http://markettechnicalview.blogspot.com/2012/03/bank-of-america-is-set-for-rally.html


Posted by Adrian Filip at 4:06 PM
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