Bank of America (BAC) shows a trend reversal towards lower support level

The Bank of America (BAC) stock, which has been facing selling pressure since last week, is now likely to slip lower towards its long term support level of $12.25, from where it started moving upwards in the fourth week of July.

Although Bank of America (BAC) posted a reasonable set of quarterly performance for September, its stock has already nosedived by around 5.5% to $15.33 by mid-day trades on Monday. This has strengthened the countrer's chances of weakening in near future.