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Financials

Bank of America (NYSE:BAC) : Double bottom forming with kumo breakout

On the Ichimoku Daily Chart, we can see that BAC has breakout of its kumo resistance and is challenging resistance form at the $13 region.

However, the kumo breakout lacks volume when you compared it to its October fall.

A closer look at the Ichimoku Weekly Chart sheds more light.

We can see clearly that BAC has hardly traded above the kumo on the Weekly Chart. This suggest a very weak bullish case.

It’s price level is also fast approaching the trendline resistance at around $13.50

Not a very bullish case in my opinion, given the lack of volume and the possible resistance from the Weekly Chart.