Nicholas Santiago
InTheMoneyStocks
Tuesday, June 26, 2018
Know The Trade Level For This Major Bank Stock
Most of the leading financial stocks have come under selling pressure since mid-March. The Financial Select Sector SPDR Fund (NYSEArca:XLF) is trading at a five month low and continues to signal weakness in the near term. One particular financial stock that has caught my eye is Bank of America Corp (NYSE:BAC). This leading financial stock peaked out on March 12, 2018 at $33.05 a share. Since that high pivot in the stock the shares have been steadily declining. Today, the stock is trading around $28.40 a share. Traders and investors should watch the $26.75 level for major chart support. This trade area is where the stock broke out in late November 2017. Very often, prior breakout levels will serve as excellent support when retested.
