$BAC - Watching the 58.30 retest today
Interesting price action on $BAC today. We're seeing a pretty significant retest of the 58.30 area, which has acted as a support/resistance pivot several times over the past few weeks. The dip today from the 59.61 high, coupled with the -2.61% move, puts us right back on that level. It was a support back in mid-May before the breakout, and then resistance on the initial retest last week.
My take is that if we close decisively below 58.30 today, especially with this kind of selling pressure, it could open up a move towards the 57.00-57.20 zone next. Conversely, a bounce and hold above 58.30 by end of day would indicate that area is still holding as demand, potentially setting up a grind back towards the recent highs. The risk for any bullish scenario here is a sustained break below 58.30; that's the line in the sand for me.
Ah, the old "retest the pivot" dance. Seems $BAC is keen on giving us a masterclass in indecision today. Perhaps it's just trying to decide if it wants to be a support or a resistance when it grows up.