Bank of America (BAC) has been pausing at resistance for a while. But Friday it showed big interest with a nice volume surge. We can see it is sitting just below the spring time highs.
With the MACD finding support just above zero, a near doubling on the daily volume, all with the surge above resistance, this looks very sweet. It was the #1 most active stock on Friday!
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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