Bank of America Corp (NYSE:BAC) Chooses Executive To Run Post-Brexit EU Hub

Bank of America Corp (NYSE:BAC) Chooses Executive To Run Post-Brexit EU Hub

Bank of America Corp (NYSE:BAC) Chooses Executive To Run Post-Brexit EU Hub

  • Bank of America Merrill Lynch is to relocate one of its top executives from New York to Dublin to head up its planned post-Brexit EU hub.
  • The bank said in July that it aims to merge its existing Irish banking subsidiary with its current main EU bank in London to create its future main European banking entity, based in Ireland.
  • In an internal announcement on Wednesday, it said that the merged entity will be led by vice-chairman Bruce Thompson, a former group chief financial officer and head of risk for the Bank of America group.

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Overall, the bias in prices is: Upwards.

Short term: Prices are moving.

Intermediate term: Prices are trending.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 24.21.

The projected upper bound is: 26.37.

The projected lower bound is: 24.51.

The projected closing price is: 25.44.

BANK OF AMERICA closed up 0.600 at 25.410. Volume was 31% above average (neutral) and Bollinger Bands were 48% wider than normal.

Open        High          Low           Close         Volume
25.310      25.640      25.180      25.410      92,877,392

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period         50-period        200-period
Close:                      24.84                 24.17                23.67
Volatility:               18                       25                      27
Volume:                 69,013,472       65,737,556       84,120,440

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

BANK OF AMERICA gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
BANK OF AMERICA is currently 7.4% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BAC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BAC and have had this outlook for the last 7 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 50.4065. This is not an overbought or oversold reading. The last signal was a sell 2 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 65.99. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 114 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 114.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 3 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 10 period(s) ago.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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