Don't Ignore This Chart!

Bank Of America Moves Above A Major Resistance Zone (BAC)

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Bank of America (BAC) has moved above a major resistance zone that has frustrated the shareholders for 3 years. This surge is meaningful. As long as the $18 level holds, this looks like a classic breakout.


The volume surge on the breakout is also very bullish support. This is an industry wide move that looks like the start of a major rally for financials. Don't ignore the surge in financials. 

Have a great weekend.

Good trading,
Greg Schnell, CMT, MFTA.

 

Announcement from the Author

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he 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 Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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