The weekly charts show that since the beginning of the year Bank of America Corp. shares have fallen to the lower bound of the side trend, or around USD 15.00. Technical indicators look negative, the stock is consolidating at the bottom, and RSI shows no divergence. All these movements show that the USD 15 mark could be breached to the downside. But here we need to take into account that if the S&P 500 Index holds ground at 2,000 by the weekend, and it will most likely do so, then the USD 15.00 support level will remain intact and the stock will head to USD 17. For this reason, after a rebound in the S&P 500 Index, buying the dips is justified.
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