Shares of Bank of America Corporation (NASDAQ:BAC) last traded at $23.24. (NASDAQ:BAC) performance year to date is 5.16%. The 200 day simple moving average is 12.09%. The 200 simple moving average (SMA) is considered a key indicator by traders and market analysts for determining the overall long-term trend. The price level in a market that coincides with the 200 SMA is recognized as a major support when price is above the 200 SMA or resistance when price is below the 200 SMA level.
Bank of America Corp. is one of the world’s leading financial services companies. Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose.
Bank of America share prices have moved between a 52-week high of $25.80 and a 52-week low of $10.99 and are now trading 113% above that low price at $23.36 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.2%.
The Barchart Technical Opinion rating is a 48% Sell with a Strengthening short term outlook on maintaining the current direction. Longer term, the trend strength is Weak. Long term indicators fully support a continuation of the trend.
The Exponential Moving Average (EMA) is similar to a simple moving average (average price over a set period) but it utilizes a weighting factor that exponentially declines from the most recent data point (recent prices are weighted higher than oid prices). EMA analysis compares the short term (5 days and 13 days), intermediate term (20 days) and long term (50 days) EMA’s. The respective EMA’s will give bullish signals when trading above trailing EMA’s and below the current price and vice versa. EMA alerts include crossovers (i.e the 5 day EMA crosses above/below the 20 day EMA) and EMA convergencies (5 day EMA equivalent to 13 day EMA). The 5 day EMA 23.25 is higher than the last trade price suggesting a short term bearish pattern building up. Long term, the 50 day EMA 23.46 is also higher than the current trading price depicting a bearish trend overall..
The relative strength index (RSI) is a momentum oscillator that is able to measure the velocity and magnitude of stock price changes. Momentum is calculated as the ratio of positive price changes to negative price changes. The RSI analysis compares the current RSI against neutral(50), oversold (30) and overbought (70) conditions. Alerts will inform you when stocks recede from oversold/overbought levels or breakthrough neutral (50). The current RSI is 46.57 suggesting a bearish price action.
Bank of America Corporation (NASDAQ:BAC) is all set to announce its earnings on Apr 18/b. As per Zack’s analyst ratings, Bank of America Corporation (NASDAQ:BAC) currently has an average brokerage rating of 1.9. On a scale of 1 to 5, a rating of 1 or 2 would indicate a buy, and a rating of 4 or 5 would signify a sell recommendation. A rating of 3 would indicate a hold on the stock. The consensus target price on (NASDAQ:BAC) is $25.333 with a high of $28 and a low of $20.
As such, while we believe Bank of America Corporation (NASDAQ:BAC) represents a compelling growth story exposed to several secularly attractive markets, it would be interesting to see how it fairs for long-term investors.