BAC closes lower for the 2nd day in a row
Bank of America Corporation (BAC) Technical Analysis Report for Jul 03, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BAC ended Wednesday at 29.05 losing $0.10 (-0.34%) on low volume, strongly underperforming the S&P 500 (0.77%) ahead of tomorrow's Independence Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BAC as at Jul 03, 2019):
Wednesday's trading range has been $0.31 (1.06%), that's far below the last trading month's daily average range of $0.51. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BAC.
Prices are trading close to the key technical support level at 28.74 (S1). After having been unable to move lower than 28.93 in the prior session, the share found buyers again around the same price level today at 28.92. The last time this happened on June 18th, BAC actually lost -1.05% on the following trading day.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.