Monday, December 17, 2012

A look @ Bank of America post 11 break out | $BAC |

Monthly BAC
We have not spoke about Bank of America since January 10, 2012 when we highlighted shares a nearing pinch point which would cause a upside deviation of the downtrend in place from the pre subprime crisis high of 55.08 in late 2006.

Since that post the stock's price has remained over the 6.90 pinch level.

With the upgrade of the financial sector by Analyst Meredith Whitney (to be taken with a grain of salt because nothing has came true she has scared us with since the bottom falling out of the XLF in 2008), but actually at this time i tend to agree with her thesis behind the upgrade.

Weekly BAC
The 10 break out in BAC i am sure has been beat to death by the blogs but it does help establish a pattern with the 11 break out AH on a news catalyst.. the 10 break out in BAC was a earnings catalyst which was confirmed by a the spike in volume on 12/5/2012.

1 hour BAC 

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