Bank Of America Forming Triangle Breakout

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.