Back in December 2010, we initiated a buy when BAC crossed above its 50-day moving average (which was resistance for BAC shares for a long time). BAC did run up ~ 25% from the breakout price of 12.xx. Recently, the shares have reversed their course and moved below the 50-day MA again! It is now trading just above its 100-day moving average. I wanted to point out a very important juncture for BAC. 13.30-13.35 level should be a quick support for the stock. If it can not find good support at the 13.30-13.35 level, it could head much lower that that. So please watch out.
