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.
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