Bank Of America - My forecast movement for the stocks of WBThere is an information that Berkshire asked and received permission from the Federal Reserve Bank of Richmond in April to buy stock of Bank of America more than 10% stake in a bank. With this permission, now Berkshire can buy stocks of BAC up to 24.9 %. Now, whatever reason WB and his men has, of course, based on solid fundamental analysis. They are expert already. They already do their job.
Now, my job as a chartist see the price action context in my chart and decide when and what price I should go to buy. Now, let's start this analysis.
First of all, BAC dropped on March 2020 to the long term price level that mark bulls territory (18.06). This level still interesting for big Institutions so that they defence this line and bought a lot of shares and made BAC rebounded well. Since then, BAC go up and reached 27.55 before sellers came and pushed it down to the level 22.58.
Buyers making ground there, a solid proof that Institutions leave their money on the market now. So, based on this fact, I will prefer to buy this stock at Institutions price level with high expectation to get profit in future. So, good luck.
Stay blessed
Jee
