Bank of America Looking at the Abyss

Published on Tuesday, 24 August 2010 12:38 Written by Danny Miller

New York, August 24th (TradersHuddle.com) - Shares of Bank of America Corporation (NYSE:BAC) booked a new 52 week low by trading below $12.75, traders are definitely monitoring Bank of America's price action to see if this move attracts further selling, or it this last push down sets a tradable bottom in the stock.

Bank of America Corporation offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary. Bank of America, the biggest U.S. lender, has a very extensive network of retail banking locations in the U.S. The Bank was founded in 1874 and its headquartered in Charlotte, NC.

Bank of America is currently trading -1.07% versus its previous trading session close, and it has calculated support and resistance at $12.75 and $14.65 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -1.08% from its previous trading close, which means that Bank of America stock is outperforming the overall market.