Bank of America Trade Update

BATS:BAC   Bank of America Corporation
I keep my technical analysis simple for the most part. Check out my articles on Seeking Alpha for fundamental and technical analysis! You can follow me on Twitter @CircaAlpha and on Stocktwits @Circa! Click on the charts for a larger view:

Bank of America ( BAC )
Yesterday I entered into a short position at $11.51 because shares traded below the 10 day and 20 moving averages and I believed we were in the process of setting a lower high. Today shares were down 0.96% and closed the day at $11.38. I placed my initial target at $11.00 because shares bottomed at this level on January 18th. I now am watching for a break below $11.00 to signal a fill of the December 17th gap to $10.65. I am keeping my stop loss at $11.75 which would invalidate my thesis. However, if shares trade down to trend line support I would be inclined to start a long position. You can view my post from yesterday below.


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