Bank of America (BAC) is testing support around 16.5 as the stock starts showing relative weakness. Support around 16.5 stems from the mid September lows and triangle trendline. BAC shows relative weakness because the stock failed to exceed its August high, but the S&P 500 formed a higher high in September.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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