Bank of America looking for support at gap

26

January 2021

By

Alex Cole

A red, short term counter trend correction arrow came close to the high for Bank of America stock. The ensuing pullback has shown some weakness in price as the GoNoGo Trend has painted a string of paler aqua bars. Price fell into the gap yesterday but rallied to close at the top of the gap. This area (highlighted by a horizontal channel) should act as support.
The GoNoGo Oscillator, has fallen to zero as momentum has cooled and is now riding the zero line. If the “Go” trend is healthy, it should find support here. If it rallies back into positive territory expect the trend to continue to test $34.