Bank Of America Corp (BAC) Makes Big Move Relative to Two Week Trend, Down 1.38%; Breaks Below 20 Day Average

Bank Of America Corp 4 Hour Price Update

Updated September 04, 2020 04:33 PM GMT (12:33 PM EST)

BAC traders saw its share price jump 1.29% ($0.33) over the past four hours of trading. For context, Bank Of America Corp’s peers in the in the Banking industry are up 0.13% on average in this time, while its peers in the broader Financial Services sector are down by an average of -0.59%.

Bank Of America Corp Daily Price Recap

Bank Of America Corp entered today at $25.66, down 1.38% ($0.36) from the previous day. As for how volume fared, yesterday’s volume was up 50.35% from the previous day (Wednesday), and up 50.28% from Thursday of the week before. The daily price chart of Bank Of America Corp below illustrates.


Bank Of America Corp Technical Analysis

First things first: Bank Of America Corp crossed below its 20 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 10 days Bank Of America Corp’s price has gone up 5 them.

Overheard Around the Web

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

    $BAC $GS $MS $JPM

    Seems likely many pm and retail investors likely do not understand that the new Individual Capital Requirements for big cap banks essentially greenlight stock buybacks after one more "Stress Test" update to make sure regulators don't look stupid in future quarters… but see the news this morning as they "correct" their analysis on a number of these banks and emphasize the tightness seen on GS and MS for trading is now corrected to LOWER their hurdle capital percentages.

    The regulators also "corrected" several others stress test takeaways, but only GS and MS benefit from the Fed lowering theiur requirements.

    The upshot is that while both of these two great companies, esp GS, semmed tight, they now have more room/flexibility to buy in stock after the 3Q Stress Test reviews for all systemically important banks. imo this is a very improtant signal the Fed is NOT worried about the big banks… buybacks will follow soon.