Bank of America W Formation on Daily, Weekly, and Monthly

When looking at the different charts for Bank of America, there is a growing likelihood that a W formation is being created. If you look at the daily, weekly, and monthly charts (below), you can start to see the rise from the second bottom on each chart.

The daily is actually in its extension phase of its W formation. So there likely will be some resistance at the $14.00 level. With earnings coming next week, there is a chance it could reach beyond $14.00. The 1.68 Fibonacci extension from the middle of the W to the second bottom of the W would put the W finishing at $14.01.

If the weekly is to follow, the likely 1.68 Fibonacci price extension for it would be $17.04 and the 2.00 Fibonacci extension would be $18.00, which is where a massive resistance is located. The monthly chart says the same in regards to price points.
 
As always, this is just one opinion. Please do your own due diligence before trading or investing. Thanks to Optionsxpress for the charts.

Daily




Weekly



Monthly










** This blog is used for informational purposes only. It should not be used as a recommendation to buy or sell any security. Do your own due diligence before trading or investing. **