As part of my 4 stocks to buy in 2009, I actively followed Bank of America (BAC), and even taken small dips in and out of the stock. A great way to make a quick buck if you will.
Anyways I have been closely tracking the stock over the last couple of days, and noticed a triangle pattern forming. The significance of this is obviously the breakout. For this to be a profitable trade for me, I would like to see a breakout towards the $12 side (obviously). On the other hand, a break below $10 will result not only in a busted trade, but the possibility of Bank of America heading much much lower.
Chart Pattern Manifest – Learn more about how to use triangle patterns and several other great technical analysis and chart patterns.
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(Investment U, 11/30/11)