Bank of America Corporation Depositary Shares (Each representing a 1/1200th interest in a share of Floating Rate Non-Cumulative Preferred Stock , Series 1)
thursday BAC broke the resistant zone (green) with a long green day, then fryday it open with a gap for me thats a confirmation of a long run, but if you need more signals the stochastic is rising up and the MACD too.
Bank of America is showing a great risk vs. reward for going long. $17 is the first target which is a gain of approximately 13%. The stop loss can be set below the existing trend-line for a potential loss of 3-5%. RSI and MACD are working off overbought conditions.
Bank of America is in short term channel to the down side, but this channel can be a-b-c formation and above that channel we have two targets 16.71 and 17.27. At the moment I am waiting for the close of the day, but have intention to go long.
