BAC breaks below 20-day moving average


Bank of America Corp (BAC) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
BAC breaks below 20-day moving average
BAC fails to close above 20-day moving average
BAC breaks below previous session low
BAC falls to lowest close since July 6th
BAC ends the day indecisive
TQ Sentiment
Report Sentiment: 57% Bearish
Technical Forecast:
Overview

BAC finished the week 1.86% higher at 28.55 after losing $0.22 (-0.76%) today. Today's closing price of 28.55 marks the lowest close since July 6th. Closing below Thursday's low at 28.66, Bank of confirms its breakout through the prior session's low having traded $0.44 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BAC
Volatility

Friday's trading range was $0.47 (1.64%), that's slightly below last trading month's daily average range of $0.54. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to the key resistance level at 28.83. After spiking up to 28.69 during the day, the share found resistance at the 20-day moving average at 28.67.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The market broke below the 20-day moving average at 28.67 today for the first time since July 10th.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 28.97 where further buy stops could get activated.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for Bank of America Corp
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
White Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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