The Greedy Trader Weekly Analysis
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Daily RSI Divergence:Bullish
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Relative Strength Index (RSI Indicator)

The Relative Strength Index is a popular momentum oscillator, developed by Welles Wilder, Jr. It is one of the most widely used technical indicators. Relative Strength Index compares upward vs. downward movements in closing over a selected period. The RSI Indicator fluctuates from 0% to 100%. A stock with RSI Indicator higher than 70% is considered overbought and lower than 30% - oversold. A good rule is to adjust overbought/oversold index range to 80% in bull and to 20% in bear markets. Relative Strength Index can provide an early warning, but not the final signal. It should be used in conjunction with other stock picking techniques. The divergence between RSI Indicator and underlying stock price is the most important signal provided by RSI, and it can be an indication of an impending reversal. Using the RSI divergence (bullish and bearish), chart patterns, trendlines, support, and resistance lines along with the RSI Indicator chart can be very useful.

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- 7/5/2024 -
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Bank of America Corp. (BAC) Technical Analysis

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Summary:
Weekly :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtMACD bearish divergence
Daily :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SAR
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It was a third consecutive positive week for the Bank of America Corp. (BAC). During the week, the BAC gained 0.64 points, or 1.61%, and closed at 40.41 on Friday, July 5, 2024. It was the best weekly gain since May 17, 2024. Weekly volume was -41% below average.

Long-term trend: [See BAC long-term trend chart]
A long-term uptrend had started on October 27, 2023 at 24.96 and reached 41.20 on July 3, 2024. BAC gained -16.24 points, or -65.06%, in 35 weeks. Price is near the trend high.

Medium-term trend: [See BAC medium-term trend chart]
A medium-term uptrend had started on April 16, 2024 at 34.15 and reached 41.20 on July 3, 2024. BAC gained -7.05 points, or -20.64%, in 11 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 40.24 and resistance is at 41.60. 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 Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Weekly MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with weekly MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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 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 uptrend had started on June 11, 2024 at 38.46 and reached 41.20 on July 3, 2024. BAC gained -2.74 points, or -7.12%, in 22 days. The price is now at the 28.83% retracement level.

Daily Technical Indicators: [See BAC daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.91
Williams' Percentage Range (W%R) 9.40
Strong Overbought
Lane's Stochastic (%D-Slow) 83.15
Overbought
Greed/Fear Indicator (GFI) 78.21
Moving Average Converg./Diverg. (MACD) 0.31
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 63.20
Williams' Percentage Range (W%R) 3.00
Strong Overbought
Lane's Stochastic (%D-Slow) 87.42
Overbought
Greed/Fear Indicator (GFI) 79.95
Moving Average Converg./Diverg. (MACD) 1.94 Bearish
Trading Signals
Description Value Chart
Monthly Trendline Resistance 41.60
Upper Bollinger Band 40.86
Daily Stochastic Crossing 40.80
Weekly Stochastic Crossing 40.69
Price 40.41
Monthly Trendline Support 40.24
20 Day Moving Average 39.73
50 Day Moving Average 39.03
Parabolic System 38.73
Lower Bollinger Band 38.69
Sector and Industry
Description Name Rank
Sector Financials 7
Industry Diversified Banks 87
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 38.34
Low Date 06/27/2024
High 41.20
High Date 07/03/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 38.46
Low Date 06/11/2024
High 41.20
High Date 07/03/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 41.60
Support 40.24
Low 34.15
Low Date 04/16/2024
High 41.20
High Date 07/03/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 24.96
Low Date 10/27/2023
High 41.20
High Date 07/03/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 50.11
High Date 02/10/2022
Low 24.96
Low Date 10/27/2023
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.