Bank of America (BAC) Closes Last Hour Down $-0.03; Breaks Above 20 Day Average, Pin Bar Pattern Appearing on Chart, Heads Up For the 2nd Consecutive Day

The Hourly View for BAC

Last Updated September 15, 2020, 23:16 GMT

At the moment, BAC’s price is down $-0.52 (-2.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as BAC has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50 and 100 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Bank Of America Corp Daily Price Recap

Bank Of America Corp came into today up 0.98% ($0.25) from the open of the day prior, marking the 2nd consecutive day an increase has occurred. The change in price came along side change in volume that was up 0.15% from previous day, but down 16.54% from the Monday 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

Moving average crossovers are always interesting, so let’s start there: Bank Of America Corp crossed above its 20 day moving average yesterday. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. 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. 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:

    Top banks by market cap 🏦 (as of today)

    1. JPMorgan Chase ( $JPM ) $302.56 B
    2. ICBC ( $1398.HK ) $242.24 B
    3. Bank of America ( $BAC ) $222.10 B
    4. China Construction Bank ( $CICHY ) $176.34 B
    5. Agricultural Bank of China ( $ACGBY ) $158.30 B

    More: https://companiesmarketcap.com/banks/largest-banks-by-market-cap/

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