BAC dominated by bulls lifting the market higher throughout the day
Bank of America Corporation (BAC) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (BAC as at Sep 14, 2018):
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.
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.
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.
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.
Selling could accelerate should prices move below the nearby swing low at 30.08 where further sell stops might get activated.