Bank of America Does it Again: Heads Down for the 5th Straight Day

The Hourly View for Bank of America

  • Currently, BAC’s price is down $-0.03 (-0.06%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move up.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour 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 downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • 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.

BAC

The Daily View for Bank of America

  • At the time of this writing, BAC’s price is down $-0.02 (-0.05%) from the day prior.
  • Bank of America has seen its price go down 5 out of the past 5 days, thus creating some compelling opportunities for bears.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • Of note is that the 20 day changed directions on BAC; it is now pointing down. 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.

BAC

Featured Bank of America Idea From TradingView

Below is a trading comment entitled BAC: Trend violated. So what’s next? you may find interesting:

Investors don’t like banks anymore. Inflation feels to be under check or not a concern at the moment and the US10Y on a decline. Interest rates are not going anywhere for now. So ther…

Realamh