Bank of America Wave Analysis – 14 February, 2022

• Bank of America reversed from resistance zone

• Likely to fall to support level 44.00

Bank of America recently reversed down from the resistance zone located between the round level resistance 50.00 (top of wave B from January) and the upper daily Bollinger Band.

The downward reversal from this resistance zone stopped the previous short-term impulse wave 1.

Given the strength of the resistance 50.00 and the bearish divergence on the daily RSI- Bank of America can be expected to fall further toward the next support level 44.00 (target for the completion of the active wave 2).