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

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Summary:
Weekly :Price is near the Fibonacci 38.2% retracement level
Daily :Williams' Percentage Range is overbought
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It was a second consecutive positive week for the Bank of America Corp. (BAC). During the week, the BAC gained 0.53 points, or 2.18%, and closed at 24.88 on Friday, July 31, 2020. Weekly volume was -29% below average.

Long-term trend: [See BAC long-term trend chart]
A long-term downtrend had started on December 27, 2019 at 35.72 and reached 17.95 on March 23, 2020. BAC lost 17.77 points, or 49.75%, in 12 weeks. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Medium-term trend: [See BAC medium-term trend chart]
A medium-term uptrend had started on March 23, 2020 at 17.95 and reached 29.01 on June 5, 2020. BAC gained -11.06 points, or -61.62%, in 10 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 23.32 and resistance is at 32.70. 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 medium-term trend.

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

The weekly MACD line is above its signal line since May 29, 2020. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. 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 9, 2020 at 22.39 and reached 25.29 on July 29, 2020. BAC gained -2.90 points, or -12.95%, in 20 days. The price is now at the 14.14% retracement level.

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 July 13, 2020. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term uptrend is getting stronger.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 56.35
Williams' Percentage Range (W%R) 12.40
Overbought
Lane's Stochastic (%D-Slow) 76.80
Greed/Fear Indicator (GFI) 73.58
Moving Average Converg./Diverg. (MACD) 0.03
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 56.95
Williams' Percentage Range (W%R) 36.90
Lane's Stochastic (%D-Slow) 36.60
Greed/Fear Indicator (GFI) 50.98
Moving Average Converg./Diverg. (MACD) -1.50
Trading Signals
Description Value Chart
Upper Bollinger Band 25.63
Daily Stochastic Crossing 25.03
Price 24.88
Weekly Stochastic Crossing 24.81
50 Day Moving Average 24.59
20 Day Moving Average 24.07
Parabolic System 23.86
Monthly Trendline Support 23.32
Lower Bollinger Band 23.03
Sector and Industry
Description Name Rank
Sector Financials 4
Industry Diversified Banks 18
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 22.39
Low Date 07/09/2020
High 25.29
High Date 07/29/2020
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 29.01
High Date 06/05/2020
Low 22.39
Low Date 07/09/2020
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 32.70
Support 23.32
Low 17.95
Low Date 03/23/2020
High 29.01
High Date 06/05/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 35.72
High Date 12/27/2019
Low 17.95
Low Date 03/23/2020
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 2.53
Low Date 02/20/2009
High 35.72
High Date 12/27/2019
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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