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Midday Markets by Mike Paulenoff 9/14 - BAC Remains Below it 200 DMA for a Second Consecutive Session

Friday September 14th, 2018
by Mike Paulenoff

BAC-- We have been closely following the price action in BAC since Wed.(9/12), when the stock pivoted to the downside after multiple attempts to push above its cresting 20 DMA (see blue arrow on the attached chart). The decline from the 20 DMA at 30.92 pressed BAC right to its up-sloping 200 DMA at 30.40 late on Wed. afternoon.

Yesterday, the 200 DMA gave way, and BAC sliced and closed beneath it... but most importantly, has been unable to recover above the 200 DMA for a second consecutive session, which bears even closer watching now... Last is 30.30/31... 

Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

*  I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com  *


Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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