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New Upleg Expected For BAC
By Mike Paulenoff | Published  03/28/2011 | Stocks | Unrated
New Upleg Expected For BAC

My big-picture technical work on Bank of America (BAC) indicates that new long positions are warranted in and around current levels -- down to 13.20 -- ahead of the initiation of a new upleg in the aftermath of a 50% correction of BAC's 40% advance from November 30 to January 14.

To confirm that a new upleg is in progress, BAC must sustain above 13.50 for starters and then close above 13.75 thereafter.

 

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