Shares of Bank of America (BAC) have been making lower highs for the past 12 months but they have not made a new low since March. Is the stock making a bottom or is this just a pause before new lows?
Let's check out the charts and indicators on this Action Alerts PLUS position.
In the daily bar chart of BAC, below, I can see that the shares are currently trading below the 50-day moving average line with a neutral slope and the declining 200-day moving average line. The On-Balance-Volume (OBV) line has been weak since February and suggests that sellers of BAC have been more aggressive than buyers.
The Moving Average Convergence Divergence (MACD) oscillator is below the zero and trying to improve.




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