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17.08.202220:34 Forex Analysis & Reviews: BAC reached bounce target.

Exchange Rates 17.08.2022 analysis

Blue line- Fibonacci extension target

Black lines -trading range

Yesterday BAC stock price reached 7 cents away from our $37 price target. Our analysis in July noted that a move towards $37 was expected. After the break out above the trading range, BAC stock price had $37 as the first target. The RSI has reached overbought levels. At current price we prefer to take profits and turn neutral BAC. More aggressive traders could raise their protective stops and risk more upside to be seen. As long as price is above $33 there is potential to reach next Fibonacci extension target of $39.75.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaSpot
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