BAC To The Future
Despite
the fact that banks in general have sold off sharply in the last few
weeks, there have been a few gems that have held up well. One of these is Bank
of America
(
BAC |
Quote |
Chart |
News |
PowerRating).
BAC showed a lot of
resilience Thursday when it crossed below its 200-day
moving average but recaptured it on good volume. On Friday, it was
impressive as it retook its 50-day moving average.
Some institutions look at
these “tests” of moving averages as “make or break” moments for
a stock. BAC passed two tests this
week — with flying colors.
Daily chart of
(
BAC |
Quote |
Chart |
News |
PowerRating)
with 200-day
moving average and
50-day moving
average.
Daily chart of Bank
Sector Index [BKX.X|BKX|X]
with 200-day
moving average and
50-day moving
average.
Have a good weekend.
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