Bank of America (BAC) Moving Down To Support Lines On Weekly and Daily Charts?

My previous post here showed that BAC may have been having price-support problems based on price action depicted on the daily chart.

Now as shown on the weekly and daily charts below, BAC is moving down toward daily and weekly support lines. 

It will be interesting to see if support again holds if BAC continues to decline after encountering resistance on the weekly chart.

click chart to enlarge

click chart to enlarge

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The content in this article, including the identification and discussion of any specific security (e.g., bond fund), is NOT meant to be and should NOT be construed and/or used as investment advice. This article is for general information and educational purposes only. Please read the Disclaimers  for junkbondrecycling.com in their entirety. The U.S. Securities and Exchange Commission website has guidance on selecting an investment adviser.

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The author/publisher has no position (long or short) in BAC at the time this article was written. This position may change depending on future price action.

 Base Chart Provided Courtesy of StockCharts.com.  Analysis and Annotation by JunkBond Recycling.com (all rights reserved)