Bank of America Stock AnalysisNYSE:BAC
The idea is to hold for now and wait that the resistance level of 25.5 USD will be broken before going long, otherwise just hold.
BAC trade ideas
BAC LEAPS BAC looking to repeat this pattern, looking to retest 55 within these next couple years. Bounce off my support zone at 18.04 making its way up to retest 35.40 break that we could see an overall move up to $44. Perfect stock to add to your long term portfolio. Warren Buffet's second largest holding in his portfolio is BAC so why not invest and follow the most successful investor of all time. Shares are a good hold and ITM calls for 01/2022 are perfect to add to the portfolio.
BAC Consolidation: 2 scenariosBAC has been consolidating over the last two weeks, giving us an opportunity for a nice play on the stock. In this consolidation, we have two potential scenarios:
Bearish: BAC breaks out of the bottom trendline and forms a bear flag pattern to retest September low of ~$23.15 a share.
Bullish: BAC breaks out of the top trendline and retests $25
Out of these scenarios, I think that the bearish scenario is more likely. According to CNBC last week:
"Bank of America said it generated $20.45 billion in total revenue, missing the $20.8 billion estimate of analysts surveyed by Refinitv.
Profit in the quarter slumped 16% to $4.9 billion, or 51 cents a share, edging out the 49 cents estimate.
Its net interest income fell by $2.1 billion from a year earlier to $10.2 billion. CEO Brian Moynihan had said the key figure will likely bottom in the third quarter." (CNBC)
Revenue and profit were misses, largely due to huge decrease in interest income. The FED has signaled no new interest rate hikes in the next year (at least), keeping rates low. This will continue to hurt BAC revenue over the next several quarters.
Uncertainty in the market due to lingering coronavirus fears and stalling stimulus talks make a rebound less likely.
Stochastic RSI has crossed over in overbought territory, and MACD appears to be heading for a bearish crossover
First price target to watch is ~$23.15, next is $22.50 is support does not hold.
This is only an idea and not considered investment advice. Trade according to your own strategy and risk tolerance.
Not looking so good: Here's why.TA is not showing it's a good stock to invest anyways.
I will not suggest to hold big positions if u intend to buy.
I did gave a signal for this stock, but it was blocked due to posting personal IG account. XD
I don't mind to reiterate again that this stock is not finding a good support, in fact, it has to catch some downside in TA perspective.
Another thing is many international banks are very busy.
My conspiracy with bank stocks besides low interests, poor actual economy growth, and... also because of this:
China posts an impact on some big banks internationally since Yuan digital currency is about to be launched. Generally speaking, the easy money for banks to make money is not as easy as before. These CCP folks that laid their money around the globe has to pull there money out, otherwise, they will be tracked with "outside" money. So to speak, digital currency will be changing the future of many banks.
bac pre earnings Bac an older chart that actually fits the narrative let's dive into this. tomorrow is earnings and the question is continue to dump or flip and continue the uptrend that started in late Sept? I would recommend to watch the lower timeframes but, BAC doesn't seem a movable stock that would need triangles
Bank of America for long Business is open people are banking more due to more businesses opening and I've been watching a low risk bank to trade. bank of America met my analysis America is currently headed for elections and I have little doubt trump will close the economy again in fact his going to be pushing for most states to fully operate. I see a whole lot of banks who made it through Corona recovering and making more money.. Point is come join in if you see it too
