I recently talked about Bank of America (BAC) making a 100% move. While I still believe very heavily in that theory, the odds of a straight shoot up are very unlikely, so we need to see where some support and/or resistance will be.
Because we are talking about an overall change in direction for the stock, I decided to use the year time frame to see what big moves are coming. Using my favorite indicator, the Fibonacci tool, we can clearly see that Bank of America just hit the first level of retracement at 38%.
The two things we want to note here is obviously if the stock continues to head higher or bounce down. A move above the 38% line should obviously be taken as a very bullish sentiment.
Check out what INO’s Free Trend Analyzer has to say about Bank of America.