Today’s instrument is the Bank of America Corp. stock traded in the NYSE exchange under the ticker BAC.
When we look at the BAC’s 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 Corp. will announce its quarterly earnings tomorrow 18th January. If earning expectations are surpassed, we could expect the price to move upwards, towards the $49 price range
Today we can expect a move close to the $48.50 overhead resistance level.
(Click on image to enlarge)
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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