BAC Bullish ABCD Pattern on 60-minute chart

A bullish ABCD pattern just formed on Bank of America’s 60-minute chart.  If valid, price action could see a test of the $5.92 level.  If further downside momentum continues, key support will lie at the $5.30 area.

Edward J. Moya is the Chief Market Strategist for, an educational website for foreign exchange and commodity traders. He has over 15 years of investment industry experience in forex, stocks, options and futures. At, Mr. Moya writes daily currency and commodity analysis and has authored numerous articles on trading using both technical and fundamental analysis for major financial publications. He is a contributor of technical and fundamental analysis in currencies and commodities to SFO, Market News International, and Forex Factory.

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