Wednesday, 20 April 2016

BAC - breaking back above strong resistance

With the US capital market increasingly of the belief that just about everything is fine again, Bank of America (BAC) saw a rather significant gain of 3.4% @ $14.94, the best close since Jan'12th. Next upside is the 200dma in the mid $15s.

BAC, daily

BAC, monthly


Suffice to add, the third consecutive net daily gain... and the 8th positive day of the last 9 trading days.

On a grander monthly chart, the $18 threshold remains key. Those of the hyper-bullish mindset are going to need to see BAC break and attain a monthly close in the $18s to offer concrete evidence that the financial stocks - along with the broader market, will continue pushing higher.