BAC Testing Low

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BAC Testing Low

By Mike Paulenoff | Published 07/19/2010 | Stocks | Unrated

BAC Testing Low

As we speak the financials continue to be under pressure in general, but in particular let's notice that Bank of America (BAC) is testing its July low at 13.50, while the S&P 500 is 6-7% above its July low.

If BAC breaks and sustains beneath 13.50, I will get downside projections into the 12.80/60 area in the upcoming days/weeks. At this juncture, only a climb back above 14.15 will neutralize today's damage.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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