BANK OF AMERICA CORP.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 28.70 |
| Take Profit | 30.60 |
| Stop Loss | 28.00 |
| Key Levels | 25.40, 27.50, 28.00, 28.50, 28.70, 30.60, 31.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 27.50 |
| Take Profit | 25.40 |
| Stop Loss | 28.50 |
| Key Levels | 25.40, 27.50, 28.00, 28.50, 28.70, 30.60, 31.00 |
Shares of Bank of America Corp., one of the largest banks and analytical agencies in the United States, are moving within the corrective trend at 28.00.
On the daily chart, the price is above the resistance line of the downward channel with dynamic boundaries of 27.50–25.40, preparing to continue growing.
On the four-hour chart, the reversal has already fully formed, and all the necessary markers were received after the formation of the price gap of 27.45–28.10. The nearest resistance level is the local high of 28.70, after consolidating above which, the quotes may reach 31.00.
Technical indicators gave a buy signal: fast EMA on the Alligator indicator crossed the signal line upward, expanding the range of fluctuations, and the AO histogram is forming upward bars above the transition level.
Trading tips
Long positions may be opened after a reversal, growth, and consolidation of the price above 28.70 with the target at 30.60. Stop loss – 28.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 27.50 with the target at 25.40. Stop loss – 28.50.
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