BAC is trading heavily on technicals. You can see the double bottom that I have drawn, traders were trying really hard to break that bottom and cause another wave of panic. This is because that bottom is also the 38.2 FIB retracement from MAR lows of 2009, to the high last quarter.
STRONG BUY HERE
I believe that since this support held firmly, this has improved confidence in this stock. Today, traders tried again to short BAC, however, they failed once again, thanks to bullish outlook by the DOW futures traders.
Expect it to test $14.80 by next week
Disclosure: tradedragon is LONG BAC from $13.35
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