Bank Of America Stock Could Test Resistance
| Jan 17, 2022 05:19AM ET
When we look at the Bank of America (NYSE:BAC) chart, we can see it was trading in a channel for most of last week between support of $48.50 and resistance of $49.75.
The support was broken with a gap down on Friday, falling as low as $47.5 but managing to hold above and close at $47.94, where it was last found trading.
Bank of America will announce its quarterly earnings on Jan. 18. We could expect the price to move upwards towards the $49 price range if earning expectations are surpassed.
Today we can expect a move close to the $48.50 overhead resistance level.
If, however, it does not manage to hold on to the current level, then a move near the $46.5 closest support can be expected.
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