December 8, 2010 | In: Financial

BAC Rebounding

Apparently, BAC is now rebounding, and is has broken the huge resistance located at the $12 level a few minutes ago. On a rather slow day, BAC is now up 44 cents (at $12.01), or nearly 4%.

To put things into perspective, let’s compare it to other financials:

C is trading 1 cent lower at $4.61 (C, a resilient stock, has been consistently up for the last few days, so probably it’s time for a little correction).
JPM is trading 91 cents higher at $40.16.
MS is trading 92 cents higher at $26.56.

I think BAC will put this bad year behind it next year, which would make it a very profitable stock. BAC can easily return to the $18 level by February of 2011 if no more bad news are coming (and if there are more bad news, then there is little room for this stock to go down).

If the stock manages to close above $12, and more importantly, above the 50 day moving average of $12.09, then the stock can easily break the $13 level in the next few days. The most important thing to close above $12, and everything should be OK.

Let’s see…

2 Responses to BAC Rebounding


Bank of America (BAC) Holding the $12 Level « Fadi El-Eter

December 8th, 2010 at 9:53 pm

[…] turn in the trend of the stock, which, until this very moment, is still bearish. However, as I stated earlier today, closing at this level can make the stock run and easily break the $13 level in a few days, that […]


BAC Broke Through 2 Resistances « Fadi El-Eter

December 9th, 2010 at 10:37 pm

[…] continued its rebound today, up 65 cents (or 5.42%) from yesterday’s closing. BAC reached a high of $12.69. […]

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