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BAC Technical Set-Up Compromised Heading into Thursday's Earnings Report
Unless Bank of America Corporation (BAC) pulls a rabbit out of the proverbial hat when it reports earnings on Thursday morning (Jan 15), my near- and intermediate-term work indicate that the stock is vulnerable to some serious weakness into the 16.00-15.90 area for starters, but more than likely, into the 15.00 area to test its major support line off of the Dec, 2011, low.
My big picture work on BAC argues that the entire upleg from Dec 19, 2011, at 4.92 was completed at the Dec 31, 2014, high at 18.21, and that BAC has just started a significant corrective period that points to the 13.00-12.00 target zone in the days and weeks ahead.
