Bank of America Corp. (BAC)
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|It was the negative week for the Bank of America Corp. (BAC). During the week, the BAC dropped -2.10 points, or -8.32%, and closed at 23.15 on Friday, June 26, 2020. Weekly volume was -13% below average. |
Long-term trend: [See BAC long-term trend chart]
A long-term uptrend had started on December 24, 2018 at 22.66 and reached 35.72 on December 27, 2019. BAC gained -13.06 points, or -57.63%, in 52 weeks. Price is near the lowest trend level.
Medium-term trend: [See BAC medium-term trend chart]
A medium-term uptrend had started on March 23, 2020 at 17.95 and reached 29.01 on June 5, 2020. BAC gained -11.06 points, or -61.62%, in 10 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 21.84 and resistance is at 30.43. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
Weekly Technical Indicators: [See BAC weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since May 29, 2020. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
Short-term trend: [See BAC short-term trend chart]
A short-term downtrend had started on June 5, 2020 at 29.01 and reached 23.02 on June 26, 2020. BAC lost 5.99 points, or 20.65%, in 21 days. Price is near the trend low.
Daily Technical Indicators: [See BAC daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. 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 link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since June 11, 2020. This is an indication that the short-term trend is down.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. 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.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.