At 11:58am today, we posted a chart stating the intraday bounce to the 38% retracement was likely over if the price was able to violate 22.17 on the downside. It stopped right at 22.18 and turned around to take out the previous high @22.58. It closed at 22.63. The action from 22.18 low to 22.63 was commendable on the bull side. The strength of the rally was impressive.
BAC bounced to 22.58 to meet resistance at R1 and 38% retracement of the swing from 23.41-22.01. It breached daily pivot range high at 22.40, but was unable to breach 3-day rolling pivot range high at 22.71. Once it violates 22.17 to the downside, it will resume selloff to test 21.77. If it can’t take out 21.77, it just means BAC is taking a break on the downside.
