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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 25.32 and 23.68. If the stock breaks down through support at 25.32 then it will probably continue lower to 23.68. The stock has resistance at 28.02 and at 35.75. If the stock breaks up through resistance at 28.02 then it will probably continue higher to 35.75. The 200-day moving average is at 28.02. 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 25.32 look for a rally to previous highs. The stock is extremely overbought according to the Stochastic Indicator (90.36).”
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