The Greedy Trader Weekly Analysis
Sign In May 18, 2018
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Bank of America Corp.
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Summary:
Weekly :Broken trend resistance line
Daily :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtPrice has crossed above the 50 Day Moving AverageBearish Deliberation CandlestickDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SARBroken trend resistance lineThe price moved above the moving average in the center of the Bollinger Bands
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It was a first positive week for the Bank of America Corp. (BAC). During the week, the BAC gained 1.62 points, or 5.53%, and closed at 30.92 on Friday, May 11, 2018. It was the best weekly gain since February 16, 2018. Weekly volume was -19% 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 (13.48) 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 28.43 on May 3, 2018. BAC lost 4.62 points, or 13.98%, in 7 weeks. The price is now at the 53.90% retracement level.

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 relatively high, but getting smaller. It indicates that the current medium-term downtrend is still strong, and momentum is beginning to wane. 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 April 13, 2018 at 31.17 and reached 28.43 on May 3, 2018. BAC lost 2.74 points, or 8.79%, in 20 days. The chart has formed a Broadening Descending Wedge chart pattern. The downtrend resistance line (27.95) 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 short-term trend.

Daily Technical Indicators: [See BAC daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range. 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.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward 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.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. 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.

Candlestick pattern: [See BAC candlestick chart pattern]
On Friday the chart has formed a Bearish Deliberation Candlestick pattern. This pattern occurs in an uptrend;it appears after a sustained upward move and suggests that the rally is losing strength and a reversal is possible. The reliability of the Bearish Deliberation pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bearish Deliberation Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 59.80
Williams' Percentage Range (W%R) 6.10
Strong Overbought
Lane's Stochastic (%D-Slow) 84.01
Overbought
Greed/Fear Indicator (GFI) 79.25
Moving Average Converg./Diverg. (MACD) -0.15
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 45.96
Williams' Percentage Range (W%R) 46.30
Lane's Stochastic (%D-Slow) 31.86
Greed/Fear Indicator (GFI) 44.30
Moving Average Converg./Diverg. (MACD) 1.16
Trading Signals
Description Value Chart
Upper Bollinger Band 31.07
Price 30.92
Daily Stochastic Crossing 30.80
50 Day Moving Average 30.60
Weekly Trendline Resistance 30.28
20 Day Moving Average 30.04
Weekly Stochastic Crossing 29.74
Lower Bollinger Band 29.26
Parabolic System 28.61
Weekly Trendline Support 27.95
Sector and Industry
Description Name Rank
Sector Financial 7
Industry Money Center Banks 67
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 28.43
Low Date 05/03/2018
High 31.07
High Date 05/10/2018
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Broken Resistance
Resistance 30.28
Support 27.95
High 31.17
High Date 04/13/2018
Low 28.43
Low Date 05/03/2018
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 33.05
High Date 03/12/2018
Low 28.43
Low Date 05/03/2018
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 17.74
Support 13.48
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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