BAC finds buyers around 25.46 for the third day in a row


Bank of America Corporation (BAC) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team

Highlights

BAC rises to highest close since December 6, 2018
BAC finds buyers around 25.46 for the third day in a row
BAC dominated by bulls lifting the market higher throughout the day
BAC pushes through Thursday's high

Overview

BAC ended the week 1.76% higher at 26.03 after gaining $0.30 (1.17%) today, strongly outperforming the S&P 500 (-0.01%). Today's close at 26.03 marks the highest recorded closing price since December 6, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 25.78, the market confirmed its breakout through the previous session high after trading up to $0.26 above it intraday.

Daily Candlestick Chart (BAC as at Jan 11, 2019):

Daily technical analysis candlestick chart for Bank of America Corporation (BAC) as at Jan 11, 2019

Friday's trading range has been $0.58 (2.27%), that's below the last trading month's daily average range of $0.75. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for BAC.

Three candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and two bearish patterns, the Bearish Hikkake Pattern and the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on January 2nd, BAC lost -1.60% on the following trading day.

The stock found buyers again today around 25.46 for the third trading day in a row after having found demand at 25.42 in the prior session and at 25.39 two days ago.

Though the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Bank of. Out of 318 times, BAC closed higher 49.06% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.86% with an average market move of 1.93%.


Market Conditions for BAC as at Jan 11, 2019

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