Tuesday, 23 June 2015

BAC - financials close to a breakout

Whilst the broader market closed with minor gains, there was notable strength in financial stocks. Bank of America (BAC), settled higher by 1.1% @ $17.67, the highest level since Jan 5'th. A monthly close in the $18s would be extremely bullish for BAC and the broader market.

BAC, daily

BAC, monthly


Little to add.

A strong day for BAC..  but still stuck the broader tight range from early 2014.

Best guess.. a monthly close in the $18s.. not until the autumn, when I expect interest rates to finally start rising.