mbrennan

BAC Update - Don't short yet!

NYSE:BAC   BANK OF AMERICA CORP
Last night I had posted a BAC             channel that may be testing resistance. However, this chart has more accurate resistance levels and indicates a move higher.

There are 4 possibilities, 3 of which are very close to one another at around 16.50. The one closer to 17 may work (3 touches) but there is no valid parallel support.

The red line was my previous resistance expectation, but this may fail this week. The problem was that I used the July 3 close instead of the high.

My guess is a small trading range near one of these price levels followed by a weak sell off to a support.

No position, wait for signal.

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