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A technical analysis of BANK OF AMERICA CORP.

By Mill Chart

Last update: Feb 20, 2024

Our stock screener has detected a potential breakout setup on BANK OF AMERICA CORP (NYSE:BAC). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:BAC.

BAC Daily chart on 2024-02-20

Technical analysis of NYSE:BAC

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Overall BAC gets a technical rating of 7 out of 10. Although BAC is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
  • BAC is part of the Banks industry. There are 416 other stocks in this industry. BAC outperforms 79% of them.
  • BAC is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so BAC is lagging the market slightly.
  • When comparing the performance of all stocks over the past year, BAC turns out to be only a medium performer in the overall market: it outperformed 57% of all stocks.
  • In the last month BAC has a been trading in the 32.32 - 35.10 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of BAC for a complete technical analysis.

Why is NYSE:BAC a setup?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:BAC is 8:

Besides having an excellent technical rating, BAC also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 34.44. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 34.03, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for BAC in the last couple of days, which is a good sign.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.

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BANK OF AMERICA CORP

NYSE:BAC (4/19/2024, 7:04:00 PM)

After market: 36.95 -0.02 (-0.05%)

36.97

+1.2 (+3.35%)

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