All eyes today are on the impeachment in the US House and Federal Reserve. Bank of America stock, being a bank stock, is directly affect by the Fed’s policy. The “Trump Boom” has been very positive for the financial sector. Bank of America stock added more than 5% in value since the end of November, closing December 17 with a new high of 52 weeks. In the last three months, stock prices have risen by 12%. In the previous week, the stock of Bank of America grew by 4.50%. S & P500 increased by 1.92% over the same period.
Support and Resistance
The company’s shares continue to show a constant upward trend. The issuer’s citations have again updated the key details. Currently, the quotation marks of #BAC are testing the resistance level of 35.25. 33.60 is a “mirror” support level. The tool has the potential for further growth. The indicators show the strength of the buyers: the price has consolidated over MA (50) and MA (200); MACD is in the positive zone. Positions must be opened by key levels. Comparing the company’s multiplier with its industry competitors, we can say that the #BAC shares are neutral.
Support levels: 33.60, 32.50, 32.00.
Resistance levels: 35.25.
Fed Policy
US Treasuries jumped during Wednesday’s afternoon session in a silent trading session that saw data of little economic significance. Furthermore, a speech by Federal Reserve Chairman Evans, which will be held later in the day, will add further indications to the bond market.
The yield on the 10-year reference Treasury yield fell by 2 basis points to 1.870 percent, the 30-year super-long bond yield suffered almost 2 basis points to 2.299 percent, and the short-term 2-year yield lost. 1 base points to 1.623 percent of 14: 00GMT.
On a quiet day for US economic publications, today, Fed Governor Brainard will speak at an ECB conference in honor of the outgoing member of the Cœuré Board of Directors, Daiwa Capital Markets reported. Fixed income markets remained strong in the early stages of trade today, and the GBP extended recent Brexit risk losses without bargaining. The focus today is on the IFO economic climate index for Germany in December, according to the Eurobank Economic Analysis & Financial Markets Research. Meanwhile, S&P 500 futures remained unchanged at 3,196.62 of 14: 05GMT.
USD continues to grow amid yesterday’s strong statistics on construction and industrial production. In November, the number of Building Permits increased from 1.461 to 1.482 million, and Housing Starts grew from 1.333K to 1.355K. The improvement in the construction market, according to experts, is associated with the Fed actions, which reduced mortgage rates from multi-year highs. The growth in production for November exceeded investors’ expectations and amounted to 1.1%. Experts attribute the increase in production to the end of a six-month strike at General Motors factories, which led to an increase in car production.
Bank of America Stock Recommendations
Oct-29-19 Downgrade Societe Generale Hold → Sell
Oct-28-19 Upgrade Odeon Hold → Buy
Oct-22-19 Upgrade Atlantic Equities Neutral → Overweight
Sep-06-19 Downgrade Keefe Bruyette Outperform → Mkt Perform $36 → $29
Aug-29-19 Downgrade Raymond James Outperform → Mkt Perform
Jul-26-19 Upgrade Keefe Bruyette Mkt Perform → Outperform $32 → $36
Jun-18-19 Upgrade BMO Capital Markets Market Perform → Outperform
Apr-30-19 Downgrade Atlantic Equities Overweight → Neutral
Apr-17-19 Downgrade Jefferies Buy → Hold $32
Apr-04-19 Initiated HSBC Securities Hold $29
Jan-09-19 Upgrade UBS Neutral → Buy
Jan-09-19 Upgrade Edward Jones Hold → Buy
Jan-07-19 Downgrade Macquarie Outperform → Neutral
Jan-02-19 Reiterated Barclays Equal Weight $37 → $34
Jan-09-18 Downgrade Societe Generale Buy → Hold
Jan-02-18 Reiterated Barclays Equal Weight $28 → $35
Nov-30-17 Reiterated Morgan Stanley Overweight $28 → $30
Oct-16-17 Reiterated RBC Capital Mkts Outperform $26 → $28
Aug-10-17 Resumed Wells Fargo Outperform $30
Apr-24-17 Downgrade Berenberg Buy → Hold
Bank of America Stock Technical Indicators
Moving Averages
Name Value Action
Exponential Moving Average (5) 34.77 Buy
Simple Moving Average (5) 34.82 Buy
Exponential Moving Average (10) 34.33 Buy
Simple Moving Average (10) 34.15 Buy
Exponential Moving Average (20) 33.79 Buy
Simple Moving Average (20) 33.66 Buy
Exponential Moving Average (30) 33.33 Buy
Simple Moving Average (30) 33.44 Buy
Exponential Moving Average (50) 32.52 Buy
Simple Moving Average (50) 32.37 Buy
Exponential Moving Average (100) 31.24 Buy
Simple Moving Average (100) 30.36 Buy
Exponential Moving Average (200) 30.16 Buy
Simple Moving Average (200) 29.63 Buy
Ichimoku Cloud Base Line (9, 26, 52, 26) 33.85 Neutral
Volume Weighted Moving Average (20) 33.64 Buy
Hull Moving Average (9) 35.26 Sell
