Earnings

Understanding Technical Signals From Bank of America Corporation (NYSE:BAC)

Bank of America Corporation (NYSE:BAC) gained 0.46% in Monday’s trading session, going up from its prior closing price of $23.80 to $23.91 The price has fallen in 7 of the last 10 days and is down by -3.94% over the same course of time. Trading activity decreased by -13.98 million shares, and in total, 51.27 M shares exchanged hands for about $1 225.96 million. It should be noted that increasing price and decreasing volume show lack of interest and this is a warning that something has fundamentally changed.

Inside BAC’s Recent Trend

Bank of America Corporation (BAC) lies in the middle of a wide and weak rising trend in the short term and issued considerable signs about additional rally. Short-term traders are predicted to see a rally of 2.97% over the course of a quarter and, with 90% chance the price will be floating in the range of $23.28 and $25.81 in this timeframe.

Bank of America Corporation Technical Signals



BAC has witnessed its short term MA triggering a sell signal. Meanwhile, however, the long-term average has generated a buy signal. When the short-run moving average rises above its longer-term trend, a buy signal is created. This is because a short-run moving average that crosses its long-run moving average counterpart is seen as the initiation of an upward trend. On additional rally, the share price will meet short term resistance at around $23.98. On a drop, the stock is likely to find some support over the long run, which begins at $23.79. A buy signal will be generated if it crosses above the short term moving average. Meanwhile, however, a price crossing below the long term moving average will generate a sell signal. Its pivot point low generated buy signal on Friday July 21, 2017, which calls for additional surge until the stock forms a new pivot point high. There was a decrease in volume but the price rose. This is usually not interpreted as a good sign as traders widely believe falling volume should see declining stock. Investors should be watching the price action like a hawk in the coming sessions.

Bank of America Corporation (NYSE:BAC) Support And Resistance Levels

Bank of America Corporation (BAC) recorded volume accumulation so there will probably be a surplus of buyers at $23.77, $22.57, and $22.41. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $23.98, $24.32 and $24.06.




Accumulated volume is going to prevent the price from rising further at $23.98 and this action will lead the price to take a temporary pause or stay muted for a few days.

Bank of America Corporation (BAC) Risk Assessment

The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $0.30 (1.26%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 1.46%.

 

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