BAC tested the resistance as predicted and fell below it by a bit. It is showing bullish strength, closing higher than the previous 8 trading days.
With 2 major economic news tomorrow, ADP Non-Farm Employment Change at 8.15am and ISM Non-Manufacturing PMI at 10am, BAC trading could be affected. With neutral and positive news, BAC should break through resistance strongly and meet some resistance at $15.85 and $16.15.
Stay long BAC. Add some more as financials is showing great strength. The bank rules will only take effect in November which is a long way. BAC is still undervalued looking at the regional banks and WFC.
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