S&P 500 Oversold StocksArchive
- 11/24/2023 -
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Bank of America Corp. (BAC) Technical Analysis
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|It was the negative week for the Bank of America Corp. (BAC). During the week, the BAC gave back -0.25 points, or -0.83%, and closed at 29.73 on Friday, November 24, 2023. Weekly volume was -23% 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 downtrend had started on February 10, 2022 at 50.11 and reached 24.96 on October 27, 2023. BAC lost 25.15 points, or 50.19%, in 89 weeks. The price is now at the 18.97% retracement level.
Medium-term trend: [See BAC medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 24.96 and reached 30.25 on November 20, 2023. BAC gained -5.29 points, or -21.19%, in 3 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 29.48 and resistance is at 30.61. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising 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 November 10, 2023. 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 downtrend had started on November 20, 2023 at 30.25 and reached 29.48 on November 24, 2023. BAC lost 0.77 points, or 2.55%, in 4 days. The price is now at the 32.47% retracement level.
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. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish 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 October 30, 2023.
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.