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  • Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) Looking for Direction

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    Wednesday June 8, 2011 at 11:49 am EST
    Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) Looking for Direction
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    Shares of Citigroup Inc. (NYSE:C) are trading at $37.7 at support level of $37.74. Citigroup Inc. (NYSE:C) stock is heavily oversold and has no support level below current price. Major resistance levels above $37.7 are at $40.32, $41.28, $42.74, $44.21 and $45.12. Investors are highly negative on Financial stocks on fears of Double dip pin the recession and Bernanke's comments made it worst.

    Bank of America Corp. (NYSE:BAC) is trading at $10.71 at strong support level. Bank of America Corp. (NYSE:BAC) is also near its 52 week low and has no major support points below this price. Major Resistance levels for Bank of America Corp. (NYSE:BAC) above current price are at $11.26, $11.76, $12.35 and $13.2.

    Bank of America Corp.(NYSE:BAC) and Citigroup Inc. (NYSE:C) lacked direction today after Bernanke's comments yesterday. Bernanke said yesterday that U.S. economic growth remained "frustratingly slow" but said nothing to suggest the Fed will be taking strong actions in near future. "Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established.

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