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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 implies it is in a negative trend. However, the stock has broken up through an important long-term resistance level at 22.47 suggesting the long-term down trend could be turning neutral. If this new level of support at 22.95 holds, look for a move higher to the next resistance level at 27.29.
The stock has support at 22.95 and 17.95. If the stock breaks down through support at 22.95 then it will probably continue lower to 17.95. The stock has resistance at 25.00 and at 27.29. If the stock breaks up through resistance at 25.00 then it will probably continue higher to 27.29. The 200-day moving average is at 30.04. This will also act as resistance. The stock is neutral according to the Stochastic Indicator (54.87).”
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