The Greedy Trader Weekly Analysis
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Money Center Banks Industry Technical Analysis

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- 12/6/2019 -
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Bank of America Corp. (BAC)

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range and Lane's Stochastic are strongly overbought
Daily :Williams' Percentage Range is strongly overboughtStochastic signal line moved below overbought areaLane's Stochastic bearish divergenceThe price is above the upper Bollinger BandThe Bollinger Bands are historically close together
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It was a third consecutive positive week for the Bank of America Corp. (BAC). During the week, the BAC gained 0.35 points, or 1.05%, and closed at 33.67 on Friday, December 6, 2019. Weekly volume was -38% 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 33.80 on December 6, 2019. BAC gained -11.14 points, or -49.16%, in 49 weeks. The chart has formed a Broadening Symmetric Wedge chart pattern. The uptrend resistance line (25.89) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See BAC medium-term trend chart]
A medium-term uptrend had started on August 15, 2019 at 26.21 and reached 33.80 on December 6, 2019. BAC gained -7.59 points, or -28.96%, in 16 weeks. Price is near the trend high.

Weekly Technical Indicators: [See BAC weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range and Lane's Stochastic. 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since October 11, 2019. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See BAC short-term trend chart]
A short-term uptrend had started on December 3, 2019 at 32.55 and reached 33.80 on December 6, 2019. BAC gained -1.25 points, or -3.84%, in 3 days. The price is now at the 10.40% retracement level.

Daily Technical Indicators: [See BAC daily technical indicators chart]
Daily Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Daily Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.

The daily MACD line is below its signal line since November 13, 2019. The distance between MACD and the signal line is low, but getting bigger.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The distance between the Bollinger Bands (3.21%) is close to one year low (3.41%). It is 73.89% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 62.25
Williams' Percentage Range (W%R) 8.70
Strong Overbought
Lane's Stochastic (%D-Slow) 58.42
Bearish
Greed/Fear Indicator (GFI) 70.66
Moving Average Converg./Diverg. (MACD) 0.56
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 79.56
Williams' Percentage Range (W%R) 1.60
Strong Overbought
Lane's Stochastic (%D-Slow) 92.52
Strong Overbought
Greed/Fear Indicator (GFI) 84.34
Overbought
Moving Average Converg./Diverg. (MACD) 0.68
Trading Signals
Description Value Chart
Price 33.67
Upper Bollinger Band 33.45
Weekly Stochastic Crossing 33.39
Daily Stochastic Crossing 33.23
20 Day Moving Average 33.11
Parabolic System 32.52
Lower Bollinger Band 32.37
Quarterly Trendline Resistance 31.91
50 Day Moving Average 31.41
Sector and Industry
Description Name Rank
Sector Financial 7
Industry Money Center Banks 149
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 32.55
Low Date 12/03/2019
High 33.80
High Date 12/06/2019
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 27.16
Low Date 10/03/2019
High 33.80
High Date 12/06/2019
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 26.21
Low Date 08/15/2019
High 33.80
High Date 12/06/2019
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Symmetric Wedge
Status Broken Resistance
Resistance 31.91
Support 25.89
Low 22.66
Low Date 12/24/2018
High 33.80
High Date 12/06/2019
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 2.53
Low Date 02/20/2009
High 33.80
High Date 12/06/2019
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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