Bank of America collects profits - Analysis - 22-01-2019

Bank of America's stock inched lower as traders collected recent short-term profits, while venting off overbought saturation in the RSI as the stock also gathered momentum to help it rise anew, as it settled above the support of 28.38, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the short term (from 31.91 to 22.66), with positive support from the 50-day SMA. 

Therefore we expect the stock to return higher, targeting the resistance of 29.73, which represents the ratio 76.4% of the same retracement levels. 

Expected trend for today: Bullish