Technical Pulse: Bank of America Corporation (NYSE: BAC) March 13, 2023 297

 

Bank of America Corporation (NYSE: BAC) Potential continuation of the bearish momentum with breakdown of a triangle wedge should price fail to hold at the weekly lows.

 

1.      The price has broken down a triangle wedge and retested the October 2022 swing low level, which could signal for further downside should price fail to hold.

2.      The price could continue to trade lower to retest the support zone at US$23.50-26.20, when calculating the target area for the triangle wedge breakdown by taking the height (US$9.18) and projecting onto the breakdown point at US$34.00.

3.      The support zone is also confluent with a 78.6% Fibonacci retracement level at US$23.58, calculated using a swing high of US$48.65 and swing low of US$16.76.

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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