The Greedy Trader Weekly Analysis
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Bank of America Corp. (BAC)

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Summary:
Weekly :Overbought sectorBroken trend support line
Daily :Williams' Percentage Range is overboughtBroken trend resistance line
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It was a fifth positive week after 4 consecutive negative weeks for the Bank of America Corp. (BAC). During the week, the BAC climbed 0.26 points, or 0.90%, and closed at 29.26 on Friday, July 5, 2019. Weekly volume was -44% below average.

BAC is a member of Financial Sector. Financial 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 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 Broadening Ascending Wedge chart pattern. The trend support level is at 11.27 and resistance is at 35.24. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See BAC medium-term trend chart]
A medium-term uptrend had started on December 24, 2018 at 22.66 and reached 31.17 on April 29, 2019. BAC gained -8.51 points, or -37.56%, in 18 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (31.21) is broken. A broken support is considered to be a long-term bearish signal. 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 support 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 May 24, 2019. The distance between MACD and the signal line is low and getting smaller. 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 29, 2019 at 31.17 and reached 26.40 on June 3, 2019. BAC lost 4.77 points, or 15.30%, in 35 days. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (27.81) 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 Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with 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 link to access Williams' Percentage Range help.

The daily MACD line is above its signal line since June 6, 2019. The distance between MACD and the signal line is low, but getting bigger.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 65.64
Williams' Percentage Range (W%R) 19.80
Overbought
Lane's Stochastic (%D-Slow) 76.74
Greed/Fear Indicator (GFI) 74.18
Moving Average Converg./Diverg. (MACD) 0.04
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 58.21
Williams' Percentage Range (W%R) 37.90
Lane's Stochastic (%D-Slow) 37.11
Greed/Fear Indicator (GFI) 50.08
Moving Average Converg./Diverg. (MACD) 0.05
Trading Signals
Description Value Chart
Monthly Trendline Resistance 32.90
Monthly Trendline Support 31.21
Upper Bollinger Band 29.57
Price 29.26
Daily Stochastic Crossing 29.22
Parabolic System 28.77
50 Day Moving Average 28.66
20 Day Moving Average 28.34
Weekly Trendline Resistance 28.30
Weekly Stochastic Crossing 27.82
Weekly Trendline Support 27.81
Lower Bollinger Band 27.44
Sector and Industry
Description Name Rank
Sector Financial 9
Industry Money Center Banks 78
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 26.40
Low Date 06/03/2019
High 29.85
High Date 07/01/2019
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 28.30
Support 27.81
High 31.17
High Date 04/29/2019
Low 26.40
Low Date 06/03/2019
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 32.90
Support 31.21
Low 22.66
Low Date 12/24/2018
High 31.17
High Date 04/29/2019
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 33.05
High Date 03/12/2018
Low 22.66
Low Date 12/24/2018
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 35.24
Support 11.27
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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