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Chart of The week: Bank of America
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Bank of America won the chart of the week competition, and it is fairly easy to see from the chart below, just why. The stock has cearly broken above resistance around $25.50. The stock is trading at levels not seen since 2008, and lack of potential resistance between the stock current price and $40 are few. It should create opportunities for the stock to continue rise.
We can see a similar pattern has developed in a chart of the Financial Selector SPDR ($XLF) as well.
Tesla is finding a bounce off its 200 DMA. Could be a huge bounce too.
The S&P 500 has clearly broken out, and will likely be heading towards 2,600.
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Photo Credit via Flickr
Michael Kramer and the clients of Mott Capital own shares of Tesla
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future.