Bank of America Might Be Stalling at Resistance
By:TradingView
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Bank of America made a record high early this year, but the strength could be fading.
The first pattern on today’s chart is the $55.08 level. It was the previous all-time high in 2006 before the financial crisis. BAC briefly traded above it in early January but has been sliding since.
Second, its resulting lower highs since that failed breakout could be viewed as the beginning of a new downtrend.
Third, the 50-day simple moving average (SMA) had a “death cross” below the 200-day SMA on April 1. That could also be consistent with a longer-term downtrend.
Next, MACD is falling.
Finally, BAC is an active underlier in the options market. Its average daily volume of 113,000 contracts ranks second among financials, according to TradeStation data. (Citi leads.) That could help traders take positions with calls and puts.
The first pattern on today’s chart is the $55.08 level. It was the previous all-time high in 2006 before the financial crisis. BAC briefly traded above it in early January but has been sliding since.
Second, its resulting lower highs since that failed breakout could be viewed as the beginning of a new downtrend.
Third, the 50-day simple moving average (SMA) had a “death cross” below the 200-day SMA on April 1. That could also be consistent with a longer-term downtrend.
Next, MACD is falling.
Finally, BAC is an active underlier in the options market. Its average daily volume of 113,000 contracts ranks second among financials, according to TradeStation data. (Citi leads.) That could help traders take positions with calls and puts.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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