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 9, 2012

Bank of America (BAC) - In a large support zone. 2012.05.09


Bank of America shares price are continuing the corrective channel that started in late March.

The price has reached in the large support area between the $6.90 and $8.13 levels that are representing the 61.8% and 38.2% retracement levels of the December-March rise.

A bullish engulfing pattern was formed on Monday that usually anticipates a price rally. Other clues for an eventual rise are the break above T1 trend line and the break above $8.13 resistance level.




Posted by Adrian Filip at 4:43 PM
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