Wednesday, July 14, 2010

Technical Analysis : BAC -> Bullish? Why?

BAC completed a nice rebounce on its $13.50 support line and upward trendline after its share price has rallied for more than a week. This indicates that the counter has prepared well for further upside gains. Its share price is now back towards the moving average while its weekly MACD and DMI are bullish. As its RSI(47.96) is getting closer to the overbought level, a minor pullback is expected in near term.  Place relevant stop loss.
Trading Target Price : 17.50-18.50
12-month Target Price : 22.43

Disclosure of Interest:-
Author has an interest in Bank of America share.
Risk Rating : 5/10

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