Bank of America Does it Again: Heads Down for the 2nd Straight Day

The Hourly View for Bank of America

  • Currently, BAC’s price is up $0.26 (0.61%) from the hour prior.
  • Bank of America has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears.
  • Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
  • Of note is that the 50 hour changed directions on BAC; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Bank of America’s hourly price chart is shown below.


The Daily View for Bank of America

  • At the moment, BAC’s price is down $-0.22 (-0.51%) from the day prior.
  • The daily chart shows that Bank of America has seen 2 straight down days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Bank of America. Given that we see an uptrend on the 20 and 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Below is a daily price chart of Bank of America.


Featured Bank of America Idea From TradingView

Below is a trading comment entitled Futures Flat, Investors Brace for Thursday’s Inflation Data you may find interesting:

US Futures traded relatively flat on Monday morning with the S&P up 0.01% to 4,228.75 (sitting just below the ATH), the Dow up 0.14% to 34,790, the Nasdaq down 0.10% to 13,753, and the Russell down 0.01% to 2,286.40 as of 8AM. The US10Y yield fell back to 1.58%, while the dollar (DXY) traded flat at 90.12. We saw another mini flash crash in Vix this morning (similar to June 1st) around 7AM, which saw Vix test a low of 15.78 before quickly bouncing back to 16.66.Over the weekend we saw the G7 come to an agreement on a 15% minimum corporate tax rate, which is expected to be rolled out to the G20 soon. Enforcement of the accord is another story, of course. Yesterday Yellen said she isn’t concerned about higher inflation or higher rates in the near future, adding that they’re “good for the Fed and US society.” Clearly she doesn’t understand how the market works and what will happen to asset valuations when the cost of debt rises; don’t forget – Yellen was the one who said just a few y…