BAC Bank of America daily chart showing the 'W' pattern breakout. When a W pattern emerges under BOTH the 50 and 200 MA's, it is a powerful bullish pattern. The positive divergence is another prime indicator of a bounce. Thus, with a low of 13 and breakout confirmed in the 13 area, this results in a 15 target. At that point price fell into negative divergence and received a spank down. Now, price wants to simply head out sideways for a while to enjoy the sideways symmetrical triangle forming.
The projection would be sideways to sideways down moving forward. Price in relation to the 50 MA will tell a lot in here as well as the potential 20 and 50 MA cross. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.
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