Bank Of America Corp (BAC) 2 Day Down Streak Snapped, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for BAC

Last Updated December 2, 2020, 12:18 GMT

Currently, BAC’s price is up $0.79 (2.81%) from the hour prior. This is the 2nd hour in a row BAC has seen its price head down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50 and 100 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Bank Of America Corp Daily Price Recap

Bank Of America Corp entered today at $28.69, up 1.88% ($0.53) from yesterday. The change in price came along side change in volume that was down 20.87% from previous day, but up 8.53% from the Tuesday of last week. Let’s take a look at the daily price chart of Bank Of America Corp.

BAC

Bank Of America Corp Technical Analysis

Volatility for Bank Of America Corp has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 7 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard Around the Web

Here’s what one trader on StockTwits recently had to say in regards to BAC:

    Saying $BNTX value is PRICED IN is just so unprofessional @ $BAC Tazeen Ahmad downgrade to neutral with PT $126!

    #1 Covid vaccine is just unwinding of their wide class of treatments, pipeline of 13 clinicals and 15 pre-clinic!!

    #2 Back to his note with estimated 2021 vaccine sales @ 8.1B company's current market cap @ $27B does not make sense. Has to be at least close to $40B. $MRNA had reached $65B at the highs today.

    So 50% upside is not an overestimate here.

    STAYING with STRONG BUY with EU and US emergency authorizations and 50mil doses out in December with 60-80mils added each month into mid 2021!

    Read more at:
    https://thefly.com/n.php?id=3204143

    FairValTrading