With a strong open and sharp move lower, Bank of America (BAC) is gracing the
intraday candlestick scan with a dark cloud as we head into the close on Friday. Note that this bearish reversal pattern is taking shape near resistance from the prior highs. Also notice that a broadening pattern could be taking shape. The indicator window shows the Accumulation Distribution Line failing to make it back to the mid February high.
Click this image for a live chart
Click this image for a live chart
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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