themarketzone
Short

Bat Still Valid - Can it hold?

NYSE:BAC   BANK OF AMERICA CORP
Despite Yesterday's rally in the stock markets, $BAC's Bat pattern wasn't violated as the price remained inside the PRZ,
The fact that the price climbed above the Fast SMA line and created a minor uptrend line is a bullish signal but as long as the price remains below the broken major trend line and below X (18.5$) the bearish scenario is still valid.

Assuming that we will see $BAC testing 18$ again, the R/R for the bearish setup is about 2.
More conservative traders should probably wait for the price to close below the Fast SMA line.. at least.


Tomer, The MarketZone

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Comment: Consolidating inside the PRZ.
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