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
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):
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%.