On Thursday, shares of Bank of America Corp (NYSE:
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Posted On: 03/03/2017 11:19:38 AM
On Thursday, shares of Bank of America Corp (NYSE:BAC) fell just over 1%. This drop is nothing significant to the average investor, but to the trained pro trader it is huge. You see, The stock opened higher and sold off, closing at the lows. The reversal in price engulfed the previous day's price action. This is an extremely bearish signal in technical chart investing. In addition, the price of the stock is now over 40% above its daily 200 moving average, a feat that has not occurred historically, and shows a major overbought scenario. Whether Dodd-Frank is repealed or not, Bank of America is going to correct and correct hard. Within a week, it will likely fall to a major support of $23.15.
Stock chart says correction in Bank of America Corp shares
Stock chart says correction in Bank of America Corp shares
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