Bank of America Corp. (BAC/NYSE): general review
15 May 2018, 10:58
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY STOP |
| Entry Point | 31.30 |
| Take Profit | 31.75, 32.25, 32.50 |
| Stop Loss | 30.75 |
| Key Levels | 28.85, 29.50, 30.50, 31.25, 32.50 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 30.45 |
| Take Profit | 29.75, 29.25 |
| Stop Loss | 31.00 |
| Key Levels | 28.85, 29.50, 30.50, 31.25, 32.50 |
Current trend
Shares of Bank of America are traded near local highs, adding more than 6.5% of the value since May 3. The growth of the issuer's quotes is supported by impressive quarterly results with an increase in the profitability of the bank's assets and capital. In addition, the company is implementing a digital revolution, creating more services available through mobile devices. Bank of America maintains a forecast for the growth of interest spreads, which will increase the profitability of the bank in the short term.
In the previous week the stock of Bank of America grew by 4.99%. S&P 500 index went down by 0.30% during the same period.
Support and resistance
Recently #BAC quotes are dominated by "bullish" sentiment. Currently the issuer is testing the local "mirror" resistance level of 31.25. The local support level is 30.50. The company's shares have the potential for further resumption. Indicators show the strength of the buyers: the price has consolidated above MA(50) and MA(200), and MACD is in the positive zone. Still, positions may be opened from key levels.
Comparing company's multiplier with its competitors in the industry, we can say that #BAC shares are neutral.
Support levels: 30.50, 29.50, 28.85.
Resistance levels: 31.25, 32.50.
Trading tips
If the price consolidates above the resistance level of 31.25, further growth of #BAC quotes is possible. Potential profits should be locked in by orders at 31.75, 32.25 and 32.50. Stop-loss will be placed at the level of 30.75.
If the price consolidates below the support level of 30.50, one should consider selling the company's stock. The movement potential is aimed in the area of 29.75–29.25. Stop-loss will be placed at the level of 31.00.
Implementation period: 3 days.
Shares of Bank of America are traded near local highs, adding more than 6.5% of the value since May 3. The growth of the issuer's quotes is supported by impressive quarterly results with an increase in the profitability of the bank's assets and capital. In addition, the company is implementing a digital revolution, creating more services available through mobile devices. Bank of America maintains a forecast for the growth of interest spreads, which will increase the profitability of the bank in the short term.
In the previous week the stock of Bank of America grew by 4.99%. S&P 500 index went down by 0.30% during the same period.
Support and resistance
Recently #BAC quotes are dominated by "bullish" sentiment. Currently the issuer is testing the local "mirror" resistance level of 31.25. The local support level is 30.50. The company's shares have the potential for further resumption. Indicators show the strength of the buyers: the price has consolidated above MA(50) and MA(200), and MACD is in the positive zone. Still, positions may be opened from key levels.
Comparing company's multiplier with its competitors in the industry, we can say that #BAC shares are neutral.
Support levels: 30.50, 29.50, 28.85.
Resistance levels: 31.25, 32.50.
Trading tips
If the price consolidates above the resistance level of 31.25, further growth of #BAC quotes is possible. Potential profits should be locked in by orders at 31.75, 32.25 and 32.50. Stop-loss will be placed at the level of 30.75.
If the price consolidates below the support level of 30.50, one should consider selling the company's stock. The movement potential is aimed in the area of 29.75–29.25. Stop-loss will be placed at the level of 31.00.
Implementation period: 3 days.
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