BAC Hurdles Key Resistance

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By Mike Paulenoff | Published 12/21/2010 | Stocks | Unrated

BAC Hurdles Key Resistance

Bank of America (BAC) has emerged to the upside from its one-week coil pattern, hurdling key near-term resistance at 12.75/76, and should thrust directly towards a test of the December high at 12.93 on the way to 13.25/50 thereafter.

Given the very positive technical set-up, BAC should not weaken and sustain below near-term support at 12.60/50 prior to accelerating to the upside.

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

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