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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.




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