BAC – Bank of America

This is a 5 year weekly candlestick chart for BAC.

BAC’s share price has just pulled back to a previous consolidation area. There is a support/reversal area in the $22 – $23 price range, right between the 50% Retracement Line and the 161.8% Target Line. This is where BAC’s share price just reversed from. But the reversal was on lackluster buying volume.

Since October, there have been several weeks of selling volume that were above the average amount of weekly volume. Based on this, the pullback for BAC’s share price does not appear to be over yet. I think BAC’s share price has to break below its $22.66 low one more time before trying to reverse higher. It can break below that low and still stay in the general $22 – $23 support area I mentioned.

But if the $22 – $23 support area does not hold, the the next support level around the $17.75 – $19.50 price range based on the Fibonacci Retracement Tool 61.8% Retracement and the Fibonacci Extension Tool 261.8% Target Line.

The next pullback for BAC’s share price seems key and needs to be monitored closely once the $22.66 price level is breached.