Bank of America (BAC) is starting the New Year with a breakout on the price chart and surge in the StockCharts Technical Rank (SCTR). The SCTR is up over 15 points and back above 70, which made it easy to spot on the SCTR table when sorted by change. On the price chart, BAC broke wedge resistance in mid December, formed a smaller wedge and broke out again today.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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