CIBC downgrade Bank of America
Friday, November 02, 2007
Shares of Bank of America are very active today after CIBC downgrade stock to Sector Perform from Outperform. Looking at the daily chart, stock is clearly trading in a Bearish momentum with share price below 50 and 200 dma. The momentum is not good for financial stocks, however it seems that stock have reached oversold conditions and a bounce off lows will occur soon. RSI is extremely low and MACD is also bad, so keep an eye on BAC for a possible, wait for the first signal of MACD. Resistance is now at $46.
Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.
Labels: BAC
