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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- 5/17/2024 -
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Bank of America Corp. (BAC) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is strongly overboughtLane's Stochastic and MACD bearish divergence
Daily :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtThe price touches the upper Bollinger Band
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It was a second consecutive positive week for the Bank of America Corp. (BAC). During the week, the BAC gained 0.84 points, or 2.18%, and closed at 39.29 on Friday, May 17, 2024. Weekly volume was -32% 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 56.98% 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 39.49 on May 17, 2024. BAC gained -14.53 points, or -58.21%, in 29 weeks. Price is near the trend high.

Weekly Technical Indicators: [See BAC weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. Weekly Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic and 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 May 2, 2024 at 36.65 and reached 39.49 on May 17, 2024. BAC gained -2.84 points, or -7.75%, in 15 days. The price is now at the 7.04% 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.

The daily MACD line is above its signal line since May 6, 2024. This is an indication that the short-term trend is up.

The price touches the upper Bollinger Band. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.77
Williams' Percentage Range (W%R) 1.40
Strong Overbought
Lane's Stochastic (%D-Slow) 85.42
Overbought
Greed/Fear Indicator (GFI) 85.59
Overbought
Moving Average Converg./Diverg. (MACD) 0.46
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 75.12
Williams' Percentage Range (W%R) 0.50
Strong Overbought
Lane's Stochastic (%D-Slow) 79.86
Bearish
Greed/Fear Indicator (GFI) 80.81
Overbought
Moving Average Converg./Diverg. (MACD) 1.70 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 39.32
Price 39.29
Daily Stochastic Crossing 39.26
Weekly Stochastic Crossing 38.73
20 Day Moving Average 37.99
Parabolic System 37.75
50 Day Moving Average 37.13
Lower Bollinger Band 36.60
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Diversified Banks 107
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 36.65
Low Date 05/02/2024
High 39.49
High Date 05/17/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 36.65
Low Date 05/02/2024
High 39.49
High Date 05/17/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 34.15
Low Date 04/16/2024
High 39.49
High Date 05/17/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 24.96
Low Date 10/27/2023
High 39.49
High Date 05/17/2024
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.