Bank of America Stock Forecast
Green day on Friday for Bank of America
(Updated on Mar 31, 2023)
The Bank of America stock price gained 1.06% on the last trading day (Friday, 31st Mar 2023), rising from $28.30 to $28.60. During the last trading day the stock fluctuated 1.48% from a day low at $28.26 to a day high of $28.68. The price has been going up and down for this period, and there has been a 2.8% gain for the last 2 weeks. Volume fell on the last day by -7 million shares and in total, 56 million shares were bought and sold for approximately $1.61 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -18.98% during the next 3 months and, with a 90% probability hold a price between $21.25 and $26.09 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
BAC Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, March 23, 2023, and so far it has risen 6.04%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Bank of America stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $31.54. On a fall, the stock will find some support from the short-term average at $28.04. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
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Support, Risk & Stop-loss for Bank of America stock
Bank of America finds support from accumulated volume at $28.51 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.418 between high and low, or 1.48%. For the last week, the stock has had daily average volatility of 2.35%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BAC) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Bank of America Corporation to open at $28.51, and during the day (based on 14 day Average True Range), to move between $27.59 and $29.61, which gives a possible trading interval of +/-$1.01 (+/-3.53%) up or down from last closing price. If Bank of America Corporation takes out the full calculated possible swing range there will be an estimated 7.06% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $28.51 (0.31%) than the resistance at $28.76 (0.56%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Bank of America Corporation stock A Buy?
Bank of America holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.590 Open Broker AccountSell Candidate Unchanged
Predicted Opening Price for Bank of America Corporation of Monday, April 3, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price April 3, 2023||Current price|
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Trading levels for BAC
Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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About Bank of America Corporation
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; a... BAC Profile
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