Merck&Co (MRK) - reached the fisrt resistance. 2012.05.02

Merck&Co shares price reached the first target at $39.50 set a month ago (http://en.goldring.ro/analysis_details.php?analyse_id=2377 ).

The main target still stands in the $41.17-$41.50 area and the first support is at $38.93. The mid-term perspective shows a break and retest of the bearish channel bordered by the T1 and T2 lines. This scenario confirms the high probability of a rising trend in the next weeks.

Bank of America (BAC) - support at $8.00. 2012.05.02

The daily chart of Bank of America (BAC) shows that for now, some of the investors considered the $8.00 level as a good support and a buy opportunity.

As mentioned in the previous analysis (http://en.goldring.ro/analysis_details.php?analyse_id=2502 ) the 38.2% retracement level of the December-March rise could be a reversal level as it stands in the same area as the February congestion area.

However, the volumes in the last few sessions are not big enough yet to offer confidence for the bulls. In case of a reversal in this area, the first target will be in the $10.00 area, followed by the $11.30 area.

DAX technical Analysis. 2012.05.02

The DAX Index reached the resistance zone mentioned in the previous analysis, between the 6,850 and 6,930 levels that corresponds with the 50.00% and 61.8% retracement levels of the previous down swing.

Today was mainly dominated by sellers as the concerns regarding European debts are still worrying the investors.