Bank of America shares could deepen their slide
BAC•Bank of America shares have fallen since mid-August, and technical analysis suggests they could decline about 7% further. Potential support levels are $52.40 and $50.35-$50.65, while a rise above $58.50 could halt the slide.
1. Downtrend gains momentum
Bank of America shares fell below a support area this week after reaching a roughly 3½-month low of $55.73 last week. Technical indicators cited in the analysis show the decline has momentum, while the Relative Strength Index is oversold and has confirmed each new price low.
2. Potential price levels
The analysis identifies potential support near $52.40 and then $50.35-$50.65. A rise above $58.50 could bring the slide to a halt. The shares began retreating after reaching an all-time intraday high of $65.22 on August 17.
