BAC dominated by bulls lifting the market higher throughout the day

Bank of America Corp (BAC) Technical Analysis Report for Sep 14, 2018

Highlights

BAC dominated by bulls lifting the market higher throughout the day
BAC ends the day on a bullish note closing near the high of the day
BAC finds buyers again around 30.11
BAC closes within previous day's range

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

BAC ended the week -1.59% lower at 30.37 after gaining $0.23 (0.76%) today on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for BAC

Volatility

Friday's trading range was $0.28 (0.93%), that's slightly below last trading month's daily average range of $0.33. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 30.08. Prices are trading close to the key resistance level at 30.63. After having been unable to move lower than 30.08 in the previous session, the stock found buyers again around the same price level today at 30.11.

Trend

Though the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 30.08 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Bank of America Corp

Condition Forecast Direction Win Rate Exit Day Events
Bearish Bounce off SMA 200 TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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BAC ends the day indecisive

Sep 17, 2018
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