The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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Bank of America Corp. (BAC) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergence
Daily :Stochastic signal line moved below overbought areaThe price has fallen below the Parabolic SAR
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It was the negative week for the Bank of America Corp. (BAC). During the week, the BAC gave back -0.19 points, or -0.53%, and closed at 35.41 on Friday, March 15, 2024. Weekly volume was -23% below average.

BAC is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See BAC long-term trend chart]
A long-term downtrend had started on February 10, 2022 at 50.11 and reached 24.96 on October 27, 2023. BAC lost 25.15 points, or 50.19%, in 89 weeks. The price is now at the 41.55% retracement level.

Medium-term trend: [See BAC medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 24.96 and reached 36.45 on March 13, 2024. BAC gained -11.49 points, or -46.03%, in 19 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 35.04 and resistance is at 35.85. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See BAC weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 10, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See BAC short-term trend chart]
A short-term downtrend had started on March 13, 2024 at 36.45 and reached 35.24 on March 15, 2024. BAC lost 1.21 points, or 3.32%, in 2 days. The price is now at the 14.05% retracement level.

Daily Technical Indicators: [See BAC daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.

The daily MACD line is above its signal line since February 26, 2024. The distance between MACD and the signal line is low and getting smaller.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 75.42
Williams' Percentage Range (W%R) 29.50
Lane's Stochastic (%D-Slow) 72.79
Greed/Fear Indicator (GFI) 72.89
Moving Average Converg./Diverg. (MACD) 0.59
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 70.74
Bearish
Williams' Percentage Range (W%R) 10.20
Overbought
Lane's Stochastic (%D-Slow) 77.83
Bearish
Greed/Fear Indicator (GFI) 74.33
Moving Average Converg./Diverg. (MACD) 1.07 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 36.62
Parabolic System 36.44
Daily Stochastic Crossing 36.02
Quarterly Trendline Resistance 35.85
Weekly Stochastic Crossing 35.56
Price 35.41
Quarterly Trendline Support 35.04
20 Day Moving Average 34.83
50 Day Moving Average 33.87
Lower Bollinger Band 33.24
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Diversified Banks 88
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 36.45
High Date 03/13/2024
Low 35.24
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 32.35
Low Date 02/13/2024
High 36.45
High Date 03/13/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 31.27
Low Date 01/17/2024
High 36.45
High Date 03/13/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 35.85
Support 35.04
Low 24.96
Low Date 10/27/2023
High 36.45
High Date 03/13/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 50.11
High Date 02/10/2022
Low 24.96
Low Date 10/27/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.