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Archive
- 12/13/2024 -
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Bank of America Corp. (BAC) Technical Analysis
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| Summary:
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| | It was the negative week for the Bank of America Corp. (BAC). During the week, the BAC dropped -1.08 points, or -2.31%, and closed at 45.67 on Friday, December 13, 2024. It was the worst weekly loss since September 6, 2024. Weekly volume was -16% 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 uptrend had started on October 27, 2023 at 24.96 and reached 48.08 on November 29, 2024. BAC gained -23.12 points, or -92.63%, in 57 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 39.57 and resistance is at 49.42. 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 August 5, 2024 at 35.14 and reached 48.08 on November 29, 2024. BAC gained -12.94 points, or -36.82%, in 16 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend support (45.55) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a medium-term trend.
 Weekly Technical Indicators: [See BAC weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. 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 weekly MACD line is above its signal line since October 25, 2024. 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 December 5, 2024 at 47.24 and reached 45.38 on December 13, 2024. BAC lost 1.86 points, or 3.94%, in 8 days. The price is now at the 15.59% retracement level.
 Daily Technical Indicators: [See BAC daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Lane's Stochastic.
The daily MACD line is below its signal line since November 29, 2024. This is an indication that the short-term trend is down.
During the last week, the price has declined below 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.
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