The following is a Bank of America ( BAC ) stock technical analysis for March 23, 2009.Bank of America Support & Resistance Levels - 3/23/09
Resistance Levels: $7.00, $7.50, $8.57
Support Levels: $5.95, $5.00
Bank of America stock closed above the 50 day moving average for the 3rd straight day and judging by the futures tonight, it should be up big tomorrow. I will be trading BAC stock from the long side when it gets back the $7.00 resistance level. As you can see, the 10 day moving average is getting ready to cross above the 50 day moving average...one of the most bullish signals you can get going forward. This hasn't happened to BAC stock since July 2008. If you are trading B of A, keep a tight stop at $5.95 to avoid another plunge.
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