BAC at critical support

BATS:BAC   Bank of America Corporation
Late last week I posted a daily chart of BAC suggesting a short based upon displayed signs of negative divergence as price advanced to new highs. It has since backed off those highs. Now as I look at the hourly chart BAC has reached a critical line of support at $12. IF BAC is going to continue its uptrend it must maintain support above 12. Because the technicals are confirming the downward price action, I am bearish on BAC . I will look to short BAC next week with a close below $12 as this would be the first confirmation of a trend reversal. The initial target will be 11.60, the second line of support. However if BAC can bounce off this support line with conviction, I will have to assume the uptrend is continuing, and will become bullish .


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