Bank of America: the resistance turns into support

15 August 2022 402
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After three weeks of unsuccessful attempts, Bank of America stock has finally overcome strong resistance at 33.9. The price has increased by 7% in three days due to the growth momentum, which was gained after the breach of the resistance level at 33.9

After such a strong surge up, the Stochastic indicates an overbought condition, and the Hanging Man reversal pattern has appeared in the graph. Sellers may try to close the nearest gap at 35.4. In case of success, there’s a possibility of renewal of a struggle for the level at 33.9, which would be a support level for Bank of America stock at this time. 

This content is for informational purposes only and is not intended to be investing advice.

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