Bank of America gives in to negative pressure - Analysis - 20-08-2019

Bank of America's stock returned lower after piercing the upward short-term trend line recently, with negative pressure from the 50-day SMA, after recouping some recent losses and venting off oversold saturation in the RSI. 

Therefore we expect more losses for the stock, especially if it settled below 25.89, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 22.60 to 31.17), targeting the next support at 25.87, representing the ratio 61.8%. 

Expected trend for today: Bearish