Ape
Short

BAC at critical support

BATS:BAC   BANK AMER CORP
262 0 1
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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