The Greedy Trader Weekly Analysis
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Uptrend Exhaustion
Uptrend Exhaustion stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Exhaustion alert indicates that long term uptrend is exhausted and probability of long term trend reversal is high. Uptrend exhaustion stock market alert presents relatively low to medium risk - high reword stock pick for overvalued stocks.

The strategy is based on selling (or taking a short) position on anticipation of uptrend reversal.
Stock trend chart following long term trend analysis and trend following indicator.
trend following,stock trend chart,trend following indicator,following long term trend

Bank of America Corp. (BAC)

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Summary:
Weekly :Oversold industryPrice is near the trend low.
Daily :Williams' Percentage Range and Lane's Stochastic are oversold
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It was a first positive week for the Bank of America Corp. (BAC). During the week, the BAC climbed 0.14 points, or 0.60%, and closed at 23.29 on Thursday, July 2, 2020. Weekly volume was -27% below average.

BAC is a member of Diversified Banks Industry. Diversified Banks is the tenth most oversold industry. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

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 22.08 and resistance is at 30.81. 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. The chart has formed a Falling Wedge chart pattern.

Daily Technical Indicators: [See BAC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold 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 daily MACD line is below its signal line since June 11, 2020. This is an indication that the short-term trend is down.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.00
Williams' Percentage Range (W%R) 83.10
Oversold
Lane's Stochastic (%D-Slow) 13.49
Oversold
Greed/Fear Indicator (GFI) 23.45
Moving Average Converg./Diverg. (MACD) -0.01
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 53.34
Williams' Percentage Range (W%R) 65.30
Lane's Stochastic (%D-Slow) 61.46
Greed/Fear Indicator (GFI) 49.15
Moving Average Converg./Diverg. (MACD) -1.77
Trading Signals
Description Value Chart
Upper Bollinger Band 27.57
Parabolic System 25.80
20 Day Moving Average 25.06
Weekly Stochastic Crossing 25.06
50 Day Moving Average 24.05
Daily Stochastic Crossing 23.40
Price 23.29
Weekly Trendline Support 22.08
Lower Bollinger Band 21.11
Sector and Industry
Description Name Rank
Sector Financials 4
Industry Diversified Banks 10
Daily Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
High 29.01
High Date 06/05/2020
Low 23.02
Low Date 06/26/2020
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 30.81
Support 22.08
Low 17.95
Low Date 03/23/2020
High 29.01
High Date 06/05/2020
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 35.72
High Date 12/27/2019
Low 17.95
Low Date 03/23/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 22.66
Low Date 12/24/2018
High 35.72
High Date 12/27/2019
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 2.53
Low Date 02/20/2009
High 35.72
High Date 12/27/2019
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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