Bank of America may fall to 32.40 - 33.40

Our pivot point stands at 38.7.

Our preference

The downside prevails as long as 38.7 is resistance.

Alternative scenario

The upside breakout of 38.7 would call for 40.5 and 41.5.

Comment

The RSI is trading below 30. This could mean that either the stock is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the share stands below its 20 and 50 day moving average (respectively at 41.2315 and 40.3424). Finally, Bank of America is trading below its lower daily Bollinger band (standing at 37.03).

Supports and resistances

41.5 **

40.5 *

38.7 **

38

36.92 (USD-last)

34.5

33.4 **

32.4 *

31.4 **

Number of asterisks represents the strength of support and resistance levels.