BAC (Bank Of America Corp.)
It is in a massive falling trend, miles away from the long-term moving averages and trendlines.
In the last weeks, BAC formed a strong support-level at 6.00, but while in August the price could rocket from it almost to 9 (50% in 3 days !), last week it reached the support again. The second bounce from 6 was much weaker: BAC could only test the resistance at 6.80, and it turned down sharply. Now the price is slightly above 6 and the steep falling trendline presses the course downwards.
The outlook downwards:
Below 6 the downtrend will refresh, and the price will dynamically continue its way toward the bottom of 2009. 5.00 is only a psychological support. BAC could find a much stronger support arond 4, where an opened gap is waiting for filling in (3.75-4.10).
On the other side:
If the support holds, the buyers may be a bit more optimistic above 6.80, where the price would shape a higher high after a higher low. In this case the 7.50-7.90 zone could be achievable, where a gap, local highs and the sharply falling 50-day moving average would try to interrupt the uptrend.
It is in a massive falling trend, miles away from the long-term moving averages and trendlines.
In the last weeks, BAC formed a strong support-level at 6.00, but while in August the price could rocket from it almost to 9 (50% in 3 days !), last week it reached the support again. The second bounce from 6 was much weaker: BAC could only test the resistance at 6.80, and it turned down sharply. Now the price is slightly above 6 and the steep falling trendline presses the course downwards.
The outlook downwards:
Below 6 the downtrend will refresh, and the price will dynamically continue its way toward the bottom of 2009. 5.00 is only a psychological support. BAC could find a much stronger support arond 4, where an opened gap is waiting for filling in (3.75-4.10).
On the other side:
If the support holds, the buyers may be a bit more optimistic above 6.80, where the price would shape a higher high after a higher low. In this case the 7.50-7.90 zone could be achievable, where a gap, local highs and the sharply falling 50-day moving average would try to interrupt the uptrend.
Briefly: the way downward looks much easier.
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