New York, June 7th (TradersHuddle.com) – Shares of Bank of America (NYSE:BAC) are being hit in today’s trading session by hitting its 3rd consecutive down day dropping more than 2.15% from its Friday’s close.
Bank of America shares, as the entire financial sector have been under pressure, given the recent sovereign debt issues with Greece, Portugal, Spain and the recent addition of Hungary to the mix.
Sovereign issues and the US lack luster employment picture is contributing to the selling pressure. The bears are firmly on control, as Bank of America price action has broken the marquee support level at the 200 day moving average, and the key 50 day moving average has developed a negative slope.
Short term support for Bank of America stock is at $14.75 area, which will be closely watch by traders, as a breakdown could signify further weakness ahead for the stock and the entire financial sector.