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andrew.berg
May 7, 2014 8:05 AM

BAC continuation move, weakness after H&S resolved to downside Short

Bank of America CorporationNYSE

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Banks also continue to look very weak as Bank of America (BAC) broke lower out of a lower level consolidation. The stock gapped down on it's earnings. Now we have point of reference at $14.71, if it will go through previous low of the day I will be considering Short option. Resistance at $14.86 then $15.00, if price will pullback to that area I expect to see some selling. Overall, financial sector shows relative weakness vs broad market and with futeres down we can see some continuation move down in this sector.
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andrew.berg
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