02.03.202217:15 Forex Analysis & Reviews: BAC stock price breaks out of bullish channel.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

BAC stock price is under pressure. Price is trading around $42.80. In previous posts we warned that the weekly chart was showing signs of a weakening up trend and increased chances of a reversal. Price has now broken below the bullish channel.

Red lines - bearish divergence

Blue lines- bullish channel

BAC stock price is vulnerable to more downside. Price is in a corrective phase as the upward move from $18 is most probably complete. I await the pull back to reach the $35-$37 area over the coming weeks. Trend is controlled by bears and there is no sign of this changing.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.