BAC closes higher for the 4th day in a row

Bank of America Corporation (BAC) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team


BAC rises to highest close since June 16th
BAC closes higher for the 4th day in a row
BAC ends the day indecisive


Moving higher for the 4th day in a row, BAC finished Wednesday at 25.39 gaining $0.38 (1.52%) on low volume, outperforming the S&P 500 (0.64%). Today's close at 25.39 marks the highest recorded closing price since June 16th. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (BAC as at Aug 05, 2020):

Daily technical analysis candlestick chart for Bank of America Corporation (BAC) as at Aug 05, 2020

Wednesday's trading range has been $0.34 (1.34%), that's far below the last trading month's daily average range of $0.63. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BAC.

One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on July 23rd, BAC lost -0.77% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for Bank of. Out of 159 times, BAC closed higher 49.69% 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 57.23% with an average market move of 1.09%.

Market Conditions for BAC as at Aug 05, 2020

Loading Market Conditions for BAC (Bank of America Corporation)...
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