Bank of America Stock Chart Analysis: Major Resistance Signals Drop

Shares of Bank of America (BAC) are grinding higher as yields move above 1.60% on the 10 year. While that may sound bullish, the Bank of America stock chart analysis has it into major resistance. If you connect the high pivot on Bank of America from 2018 to the high pivot from 2019, that line extends out and hits current price at $37.70. Bank of America is also extremely overbought near-term. The stock has rallied from $29.50 to its high today of $37.73 in just the last month. That is a whopping move of 28%. For a bank stock, that is a meteoric rise. While longer-term yields will likely go higher, the near-term could see a top in yields if hedge fund manager and billionaire David Tepper is correct. Today, David Tepper said yields would stall here for months based on actions from Japan that is tying their yields down, thus upping the demand for US bonds. If yields do stall here, shorting the banks is an easy trade. I expect Bank of America to pull back to $34.00 in the coming weeks.

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Bank of America stock chart analysis shown below…