Bank Of America Corporation Stock Forecast

Weaker technical forecast for Bank Of America Corporation as stock downgraded to Hold/Accumulate.
(Updated on May 14, 2024)

BML-PJ Signals & Forecast

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Bank Of America Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $22.86 and $22.65. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 13, 2024, and so far it has fallen -2.08%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The stock had a Golden Star Signal on Monday, April 22, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Tuesday, October 31, 2023.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Bank Of America Corporation stock

Bank Of America Corporation finds support from accumulated volume at $22.32 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.250 between high and low, or 1.11%. For the last week the stock has had daily average volatility of 0.749%

Our recommended stop-loss: $21.46 (-4.83%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (BML-PJ) For The Upcoming Trading Day Of Wednesday 15th

For the upcoming trading day on Wednesday, 15th we expect Bank Of America Corporation to open at $22.62, and during the day (based on 14 day Average True Range), to move between $22.34 and $22.76, which gives a possible trading interval of +/-$0.212 (+/-0.94%) 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 1.88% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $22.65 (0.44%) than the support at $22.32 (1.02%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Bank Of America Corporation stock A Buy?

Bank Of America Corporation holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.

Current score: 0.647 Hold/Accumulate Downgraded

Predicted Opening Price for Bank Of America Corporation of Wednesday, May 15, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.