BAC | SHORT
BAC Technical Analysis of Bank of America Corporation (BAC)
Key Observations:
Current Price Action:
Price: $37.58
Recent Drop: -1.92 (-4.86%)
Support and Resistance Levels:
Immediate Support: $37.18 (Bearish Line)
Further Supports: $36.00 (Target Price 1), $35.22 (Target Price 2), $33.39 (Target Price 3), and $30.98 (Target Price 4)
Resistance: The price recently broke below a support level at around $41.78.
Trendlines:
The price has broken below a key upward trendline, indicating a potential shift from a bullish to a bearish trend.
Relative Strength Index (RSI):
Current RSI: 48.91
The RSI shows a decline, indicating increasing selling pressure but still in a neutral zone.
Target Prices:
Target Price 1: $36.00
This level is the immediate support and a potential first target for any continued downward movement.
Target Price 2: $35.22
If the price breaks below the immediate support, the next target is around $35.22, a previous support level.
Target Price 3: $33.39
Further downside could see the price reaching $33.39, another key support level.
Target Price 4: $30.98
In a more bearish scenario, the price could fall to $30.98, a significant support level.
Summary:
Bank of America Corporation (BAC) has experienced a significant drop, breaking below a key support level and its upward trendline. The next levels to watch are $37.18, $36.00, $35.22, $33.39, and $30.98. The RSI indicates potential for further declines if market conditions remain negative.
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