AI
Tuesday, June 26, 2018 12:10:33 PM
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.
Nicholas Santiago
InTheMoneyStocks
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