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Saturday, May 16, 2009

BAC Stock Analysis 5/18/09 May 18, 2009

The following is Bank of America Corp. (NYSE:BAC) technical analysis for May 18, 2009

Bank of America Support & Resistance Levels - 5/18/09

Resistance Levels: $11.63, $12.00, $15.07

Support Levels: $10.10, $10, $9.24, $8.82

Bank of America topped out recently at a major resistance area located around $15 per share. BAC share price is now all the way down into the $10's and is hitting against major support around the $10 area. For a trade, I will get long BAC stock when it breaks Friday's high of day at $11.63. I would be starting a long position if BAC stock can close above the 10 day moving average located at $11.98 but using a tight stop at this level.

BAC has major support around $10 but then a huge gap in the low $9's and into the high $8's. If these targets are hit, I would be buying B of A Stock

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