Catching The Move In Bank Of America
As one of my 4 stocks of 2009, I cannot deny that I am happy in seeing this current move for Bank of America (BAC), but can it continue?
At its current point it seems like there are a lot of signals in Bank of America’s favor to indicate a quick pop in stock price. Not to mention very little risk. Take a look at the setup below:
The overall trend is still running within its channel, while the RSI is breaching 50 and full stochastics are moving out of the oversold area. Definitely a great set-up for a quick swing trade.
Best of all, the support is close enough to the current point that the risk is relatively minimal. I like a target of $15.
More on this topic
(What's this?)
quadrupled Bank of America position
(The Money Gardener, 7/27/10)
Story Stocks: Citigroup (NYSE:C), Bank of America (NYSE:BAC), Target (NYSE:TGT)
(Jutia Group, 8/18/10)
Market Updates: Bank of America (NYSE:BAC), Oracle (NASDAQ:ORCL), Google (NASDAQ:GOOG)
(Jutia Group, 8/13/10)