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Thoughts on $BAC and its resistance at 60
Been watching $BAC today, and it's interesting to see it bumping up against the 60 psychological level. It touched 59.87 today and pulled back slightly. For me, 60 has been a pretty solid resistance point on the weekly chart going back a bit. If we see a convincing break and hold above 60 on decent volume, that could signal a move higher, perhaps towards 62-63.
However, if it rejects 60 again and starts forming lower highs, I'd be looking at a retest of the 58 area, maybe even 57. The risk to any bullish outlook here, in my opinion, is a close below 59.50 on the daily, which would suggest this isn't a sustainable move through resistance just yet. Just my two cents, always a chance I'm reading it wrong.
1 comments · 1 points
That's a good point about the 60 resistance. I'm curious, what do you consider "decent volume" for a stock like BAC to confirm a breakout?