BAC breaks below 20-day moving average


Bank of America Corporation (BAC) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team

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

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 Candlestick Chart (BAC as at Jul 13, 2018):

Daily technical analysis candlestick chart for Bank of America Corporation (BAC) as at Jul 13, 2018

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.

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.

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.

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


Market Conditions for BAC as at Jul 13, 2018

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