The Greedy Trader Weekly Analysis
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Bank of America Corp.
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Summary:
Weekly :Broken trend resistance lineBroken trend resistance line
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtLane's Stochastic and MACD bearish divergence20 Day Moving Average has crossed above the 50 Day Moving Average
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It was a fourth positive week after 4 consecutive negative weeks for the Bank of America Corp. (BAC). During the week, the BAC gained 0.45 points, or 1.45%, and closed at 31.51 on Friday, August 03, 2018. Weekly volume was -16% below average.

Long-term trend: [See BAC long-term trend chart]
A long-term uptrend had started on February 20, 2009 at 2.53 and reached 33.05 on March 12, 2018. BAC gained -30.52 points, or -1206.32%, in 472 weeks. The chart has formed a Rising Pennant chart pattern. The uptrend resistance line (13.76) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See BAC medium-term trend chart]
A medium-term downtrend had started on March 12, 2018 at 33.05 and reached 27.63 on July 6, 2018. BAC lost 5.42 points, or 16.40%, in 16 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (27.27) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. BAC may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See BAC weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since March 16, 2018. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See BAC short-term trend chart]
A short-term uptrend had started on July 6, 2018 at 27.63 and reached 31.55 on August 1, 2018. BAC gained -3.92 points, or -14.19%, in 26 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 30.92 and resistance is at 32.47. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.

Daily Technical Indicators: [See BAC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily 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 and Williams' Percentage Range help.

The daily MACD line is above its signal line since July 9, 2018. This is an indication that the short-term trend is up.

During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.94
Williams' Percentage Range (W%R) 11.10
Overbought
Lane's Stochastic (%D-Slow) 85.30
Overbought Bearish
Greed/Fear Indicator (GFI) 82.38
Overbought
Moving Average Converg./Diverg. (MACD) 0.46 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 56.76
Williams' Percentage Range (W%R) 28.10
Lane's Stochastic (%D-Slow) 57.47
Greed/Fear Indicator (GFI) 60.53
Moving Average Converg./Diverg. (MACD) 0.24
Trading Signals
Description Value Chart
Weekly Trendline Resistance 32.47
Upper Bollinger Band 32.36
Price 31.51
Daily Stochastic Crossing 31.40
Parabolic System 31.10
Weekly Trendline Support 30.92
Weekly Stochastic Crossing 30.38
20 Day Moving Average 30.22
50 Day Moving Average 29.59
Monthly Trendline Resistance 29.26
Lower Bollinger Band 28.44
Monthly Trendline Support 27.27
Sector and Industry
Description Name Rank
Sector Financial 4
Industry Money Center Banks 95
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 30.82
Low Date 07/31/2018
High 31.55
High Date 08/01/2018
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 32.47
Support 30.92
Low 27.63
Low Date 07/06/2018
High 31.55
High Date 08/01/2018
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 29.26
Support 27.27
High 33.05
High Date 03/12/2018
Low 27.63
Low Date 07/06/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 10.99
Low Date 02/11/2016
High 33.05
High Date 03/12/2018
Description Value
Direction Up
Chart Pattern Rising Pennant
Status Broken Resistance
Resistance 17.68
Support 13.76
Low 2.53
Low Date 02/20/2009
High 33.05
High Date 03/12/2018
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.

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