Categories: Technical analysis

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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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