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BAC ends the day indecisive


Technical Analysis Report for BAC - Apr 16, 2018 [1 min read]
Highlights
BAC finds buyers at key support level
BAC fails to close above 20-day moving average
BAC finds buyers again around 29.47
BAC closes within previous day's range
BAC ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

BAC finished Monday at 29.93 edging higher $0.13 (0.44%) on high volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BAC
Volatility

Monday's trading range was $0.90 (2.99%), that's slightly above last trading month's daily average range of $0.87. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 29.47 during the day, the market bounced off the key support level at 29.89. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 30.55. After having been unable to move lower than 29.56 in the prior session, the stock found buyers again around the same price level today at 29.47. After spiking up to 30.37 during the day, the share found resistance at the 20-day moving average at 30.21.

Trend

BAC shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

With prices trading close to this year's low at 28.75, downside momentum could accelerate should the market break out to new lows for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Bounce off SMA 20 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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