The shares of Bank of America (BAC) areExperience a substantial decline today, with its price dropping by 1.6% to $45.26 at the close, just a matter of a few minutes away from reaching a closing price of $48, which would represent a significant pullback from its previous peak. ThisHad seen a notable technical signal, as evidenced by Schaeffer’s Senior Quantitative Analyst, Rocky White, who recently noted that the stock has struggled to beat its 80-day moving average over the past two months, 80% of the time over the past two months. This situation occurred four times during the last three years, with each time showing a 6.75% return higher than the previous month’s close, creating a 12% overall upward trend. This history has been a promising sign for… (the rest of the summary will follow.)
