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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 24.87 and 23.48. If the stock breaks down through support at 24.87 then it will probably continue lower to 23.48. The stock has resistance at 24.90 and at 26.76. If the stock breaks up through resistance at 24.90 then it will probably continue higher to 26.76. The 200-day moving average is at 25.74. 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 24.87 look for a rally to previous highs. The stock is neutral according to the Stochastic Indicator (45.07).”
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