Black lines- trading range
Blue lines- Fibonacci extension targets
In the middle of July our analysis on BAC stock price noted that a break out was imminent and price would move higher towards $37. BAC stock price has broken out of the sideways trading range it was and is now trading close to $35.25. Short-term momentum is bullish and our first target of $37 seems highly likely to be reached in August. Second target is at $39.70. Support is at $33 and bulls do not want to see price break below this level as this would cancel our bullish view and targets.