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Double Bottom for Bank of America (NYSE: BAC)

October 14, 2008

Shares of Bank of America (NYSE: BAC) reached their bear market lows in July 2008 at $18.52 a share. After a three month rally, they are back at those lows.

Last week BAC reached a low of $18.99 a share before rebounding. Considering the extreme selling of financial stocks last week, the fact that BAC did not close below its July lows is very bullish.

The daily chart of BAC now shows a solid bottom is in at $18.99 a share. Monday’s rally took shares up to $22.79 a share.

A bullish trade here should have a sell stop just below $18.99 a share.

Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.

Posted on October 13, 2008 in Stock, ETF and Market Analysis |

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