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- 1 BAC stock price decreased by 1.31% over the past week and the current volume is below average volume.
- 2 Bank of America Corporation ( NYSE: BAC) stock’s 52-week price range is $26 – $32.
Bank of America Corporation’s (BAC) stock market capitalization is $245.225 Billion and the total revenue is $115.546 Billion. Moreover, the stock’s basic EPS is $3.50 and the price-to-earnings ratio is 9.00. Bank of America Corporation (BAC) experienced an incline in its earnings at a rate of 3.8% per year on average, according to Simply Wall St., a financial website. The banking industry’s average annual earnings growth is 14.2%. Therefore, BAC earnings are slightly lower than the industry average.
Moreover, Bank of America Corporation (BAC) stock performed well in the last month, increasing by 7.94% and plummeting by 13.19% in the last six months. Bank of America Corporation (NYSE: BAC) stock has a negative year-to-date return of 7.13% and a one-year return of 8.29%. The average volume is 46.695 Million and the current volume is 30.732 Million where the current selling volume is below average volume. This demonstrates that sellers are active and prices might fall more.
Technical Analysis of BAC Stock Stock Price in 1-D Timeframe
The price action shows that Bank of America Corporation’s ( NYSE: BAC) stock price took support from $27.53 and has been on an inclining trend for the last three months, increasing by 14.25% making higher highs and higher lows, and rising. The uptrend got violated as the price faced resistance from $32.71 in the last two weeks. At the time of writing, BAC stock is trading at around $30.86.
Therefore, if the BAC price fails to sustain the current level and drops, it might hit the nearest support levels of $29.83 and $27.53.
However, if it maintains the current level, the BAC prices could continue to move upward and reach the first and second resistances of $32.71 and $34.55.
At the time of publishing, Bank of America Corporation. (NYSE: BAC) is trading above the 50-day EMA (exponential moving averages), which supports the BAC price trend.
However, 20 EMA is rejecting the trend, and if more selling volume adds up then the price might conquer supporting 50-day EMA by making lower highs and lows.
Hence, the BAC price is expected to move downwards showing bearish views over the daily time frame chart.
The current value of RSI is 50.42 points. The 14 SMA is above the median line at 63.35 points which indicates that BAC stock is bearish as the RSI took rejection from 14 SMA and above the neutral line indicating the price is headed for oversold territory.
The MACD line at 0.4983 and signal line at 0.6668 are above the zero line and both lines have crossed each other. A bearish crossover is observed in the MACD oscillator which might signal more bearishness for the BAC stock price.
Summary
Bank of America Corporation (NYSE: BAC) indicates that the investors and traders of the stock price are bearish on the 1-D time frame. The price action reflects a bearish outlook at the time of publishing. The technical analysis tools of the BAC stock price also support the bearish trend. The MACD, RSI, and EMA highlight negative signals and imply that the downtrend may continue in Bank of America Corporation (BAC)’s stock price.
Technical Levels
- Support levels: The nearest support levels for BAC’s stock price are $29.83 and $27.53.
- Resistance levels: The nearest resistance levels for BAC stock price are $32.71 and $34.55.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
