Bank of America are traded at a discount of 3.7% to a high 52 weeks of 30 July, strengthening from the beginning of last week. The prospect supports strong quarterly results published by the company today, as well as the emitter quotations, as well as the intention of Berkshire Hathaway Warren Buffet to increase its share in the American Bank to more than 10%.
In the previous week, Bank of America stock increased by 7.60%. S & P500 increased by 3.55% within the same period.
Support and resistance
The emitters continue to trade within a slow apartment with a relatively wide range. No single directional orientation is observed. At present, the following local levels of support and resistance can be distinguished: 29.30 and 30.30, respectively. #BAC shares have growth potential.
Indicators show buyers strength: the consolidated price is above MA (50) and MA (200), MACD histogram in the zone is positive and is constantly growing. Jobs are to open from the main levels.
When comparing the company multiplier with its industry competitors, we can say that #BAC shares are neutral.
Levels of support: 29.30, 28.45, 27.50.
Levels of resistance: 30.30, 31.10.
If the price condenses above the resistance level of 30.30, you should expect the company’s shares to grow. Potential profits should be locked at orders at 31.10, 32.00, and 32.50. Stop the loss – 29.50.
If the price condenses below 29.30, #BAC could be considered for sale. The moving potential is focused on an area of 28.00-27.30. Loss stop – 30.00.
Enforcement period: 3 days.
Bank of America Corporation, through its subsidiaries, banking and financial products and services, provides individual consumers, small and medium-sized businesses, institutional investors, large corporations, and governments worldwide. It operates in Consumer Banking, World Enrichment & Investment Management (GWIM), in Global Management Bank and in Global Markets. The Consumer Banking segment offers traditional and money market savings accounts, CDs and IRAs, non-profit and interest-bearing check accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive loans, recreational vehicles, and personal loans to consumers. As of July 22, 2019, this segment served approximately 4,300 retail financial centers on 66 million consumer and small business clients; 16,600 ATM; and digital banking. GWIM segment gives investment management, brokering, banking, and trust and retirement products; and wealth management solutions that focus on high worth and high net worthiness clients, as well as tailored solutions to accommodate wealth structuring, investment management and client trust and banking requirements, including specialist asset management services. The Global Banking section provides loan products and services, including commercial loans, leases, commitment facilities, trading finance, and property and asset based loans; fund solutions, such as treasury management, foreign exchange, and short-term investment options; working capital management solutions; and debt and equity debt and distribution, and services relating to mergers and other advisory services. The segment of World Markets offers market, funded, securities, settlement, and custody services, as well as risk management, foreign exchange, fixed income, and mortgage-related products. Bank of America Corporation was founded in 1874 and has its headquarters in Charlotte, North Carolina.