Bank of America Corporation

By root | October 01, 2007 AAA

For today's chart we've chosen to take a look at Bank of America Corporation (NYSE:BAC) because it is nearing the resistance of an influential Fibonacci Retracement level. As you can see from the chart below, the various Fibonacci levels have acted as key points of inflection and we believe that this will continue to be the case as the price nears the $52 mark (yellow arrow). Notice how the price has bounced off the 23.6% Fibonacci level several times in the past. Technical traders will keep a close eye on this historic barrier because we could see a reactive move back down toward the 38.2% level.

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