The following is a Bank of America ( BAC ) stock technical analysis for March 24, 2009.Bank of America Support & Resistance Levels - 3/24/09
Resistance Levels: $7.00, $7.50, $8.57
Support Levels: $5.95, $5.00
Bank of America stock has closed over the 50 day moving average for the past 4 days, very bullish. As you can see, the 10 day moving average is crossing the 50 day moving average, something that hasn't happened since last July....this is very bullish going forward. As for trading BAC stock, I would now be trading off the 10 day moving average. Pullbacks into the low $6's can be bought for a bounce but keep in mind, the 10 day moving average will move higher each day given the recent move. Right now it is at $6.24. A close below this level at any time would be concerning. On the upside, a break above $8.57 would be huge and is a sign the buying fenzy will continue. B of A appears to have finally formed a stock bottom in the $2's.
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