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