BAC ends the day indecisive
Bank of America Corporation (BAC) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (BAC as at Apr 16, 2018):
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.
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.
BAC shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
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.