BAC ends the day on a bullish note closing near the high of the day
Bank of America Corporation (BAC) Technical Analysis Report for Apr 12, 2019 | by Techniquant Editorial Team
BAC ended the week 3.75% higher at 30.17 after surging $1.10 (3.78%) today on high volume, significantly outperforming the S&P 500 (0.66%). This is the biggest single-day gain in over two months. The last time we've seen such an unusually strong single-day gain on April 1st, BAC gained 1.16% on the following trading day. Today's close at 30.17 marks the highest recorded closing price since October 8, 2018. The bulls were in full control today, moving the market higher throughout the whole session. 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 Apr 12, 2019):
Friday's trading range has been $0.66 (2.23%), that's slightly above the last trading month's daily average range of $0.59. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BAC.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 30.14 (now S1), which is likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Its common bullish interpretation has been confirmed for Bank of. Out of 129 times, BAC closed higher 54.26% 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 60.47% with an average market move of 1.19%.