Since reaching fresh December highs back on Dec. 15, Bank of America (BAC) has looked rather heavy. The stock has been trading in a narrow range over the last week and a half just below what is now developing into a heavy resistance zone near the multi-week December highs. BAC is still rangebound but a drop below $22.20 could open up the stock for a deep pullback.
Since the Nov. 8 presidential election, Bank of America has had a monumental run. At last week’s high the stock had gained over 40%, a surge that drove shares the furthest above the stock’s 40-week moving average since 1998.
