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- 9/22/2023 -
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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 dropped -1.20 points, or -4.16%, and closed at 27.64 on Friday, September 22, 2023. Weekly volume was -29% 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 26.32 on March 24, 2023. BAC lost 23.79 points, or 47.48%, in 58 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (22.95) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a long-term trend.
Medium-term trend: [See BAC medium-term trend chart]
A medium-term uptrend had started on March 24, 2023 at 26.32 and reached 32.85 on July 24, 2023. BAC gained -6.53 points, or -24.81%, in 17 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend support line (28.60) 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 Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold 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 link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since June 9, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 September 14, 2023 at 29.44 and reached 27.60 on September 22, 2023. BAC lost 1.84 points, or 6.25%, in 8 days. Price is near the trend low.
Daily Technical Indicators: [See BAC daily technical indicators chart]
Daily technical indicators are neutral. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.
The price has closed on Friday below the lower Bollinger Band. It is considered a bearish signal. The distance between the Bollinger Bands is falling, and it was 5.5% on Friday. It is 60.80% lower than one year average. It indicates the period of low volatility of the stock price. 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.