Wednesday, December 7, 2011

Lines on Charts: What the Heck Will Bank of America Do From Here? (BAC)

Right now the stock is up 2 cents at $5.80 and the DJIA just went red.
I don't know and don't know if I agree with the writer.
The chart he draws is interesting, from the little wedge to the great big trend line.
From Inside Futures:

All of the action in Bank of America (BAC) off of the Dec 5 high at 5.95 has taken the form of a bullish coil pattern.  If accurate, this argues for upside continuation that projects next to a confrontation with BAC's six-month down trendline, now at 6.13.

A hurdle of this level should trigger upside continuation and acceleration towards 7.00. At this juncture, I am only willing to risk a break of the lowest coordinate of the coil (6.64) on an intraday trading basis.