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Bank of America Corporation (BAC) “On a long-term technical basis, the stock (BAC) is trading below its 200-day moving average which generally implies it is in a negative trend.
The stock has support at 23.68 and 21.09. If the stock breaks down through support at 23.68 then it will probably continue lower to 21.09. The stock has resistance at 24.06 and at 25.32. If the stock breaks up through resistance at 24.06 then it will probably continue higher to 25.32. The 200-day moving average is at 28.48. This will also act as resistance. However, the stock has broken out of its long-term downtrend according to the fibonacci fan, which is significant. If the stock can form new support above 23.68 look for a rally to previous highs. The stock is extremely oversold according to the Stochastic Indicator (14.46), and turning up, which suggests a pause or possible rebound, especially if near support. Confirm this with the Short-Term and Daily Outlook to keep from exiting prematurely.”
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