My big-picture technical work on Bank of America (BAC) indicates that new long positions are warranted in and around current levels — down to 13.20 — ahead of the initiation of a new upleg in the aftermath of a 50% correction of BAC’s 40% advance from Nov 30 to Jan 14.
To confirm that a new upleg is in progress, BAC must sustain above 13.50 for starters and then close above 13.75 thereafter.
