BAC Remains in a Precarious Technical Position

BAC-- Unlike the major equity market ETFs (SPY, etc), which plunged late yesterday, but have recovered most if not all of the weakness (with the exception of IWM), BAC sliced beneath its 200 DMA (30.49) late Wed., and remains there today. In fact, BAC pressed to a new 9 week low at 29.93 earlier today, prior to attempting a rebound to 30.14. That said, BAC remains 1.2% beneath the 200 DMA, leaving the price structure vulnerable to downside continuation towards a test of year-long support at 29.00.

Inability of BAC to claw its way back above the combined resistance zone containing the 200 DMA at 30.49 and the down-sloping 20 DMA at 30.70 will increasingly erode confidence in this name in particular, but also in the wider too-big-to-fail banks in general... Last is 30.12/13

9 27 18 BAC GIF
9 27 18 BAC GIF

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