studentathlete
Short

BAC headed to 9.4

NYSE:BAC   BANK AMER CORP
bac
57 1 2
bac
Wide trading range 18.8-14.1-9.4. So long as BAC             is below 14.1, bias towards 9.4.

Narrow trading range 14.1-11.75-9.4. Failed to hold top end of narrow range 14.1 (mid point of wider range), bias towards 11.75 (midpoint) and approaching midpoint of midpoint 12.93. Watch if 12.93 holds. If it does, expect a retest of 14.1 but must take out 13.515 (14.1-12.93 midpoint) first. Break below midpoint 11.75, bias towards 9.4.

My sense, headed to 9.4 because I doubt it can take out the strong down trend line at current levels.
BAC must take back 12.93 to relieve selling pressure or we'll see sell-off continue to 11.75.
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