Bank of America Corp (NYSE:BAC) HEFFX Highlights

Bank of America Corp (NYSE:BAC) HEFFX Highlights

Bank of America Corp (NYSE:BAC) HEFFX Highlights

  • Bank of America Corp. is preparing to join the premium rewards card fray, planning a new twist on hot products like the Sapphire Reserve card from J.P. Morgan Chase & Co.
  • Bank of America BAC, -0.64% is the last of the four largest U.S. credit-card issuers to enter the premium rewards card market. Rolling out in September, its Bank of America Premium Rewards credit card will have a $95 annual fee, said Jason Gaughan, a card product executive at the bank.
  • That is well below fees of $450 for Sapphire Reserve or $550 for AmEx’s Platinum card.

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.

By the way, prices are vulnerable to a correction towards 23.93.

The projected upper bound is: 25.65.

The projected lower bound is: 23.90.

The projected closing price is: 24.78.

BANK OF AMERICA closed down -0.160 at 24.740. Volume was 27% below average (neutral) and Bollinger Bands were 31% narrower than normal.

Open         High          Low           Close        Volume
24.600      24.770      24.460      24.740     56,910,376

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

Moving Averages: 10-period          50-period         200-period
Close:                       24.52                 23.88                22.85
Volatility:                18                       23                      29
Volume:                   61,400,496      74,624,496      95,995,112

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 down today (bearish) 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 8.3% 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 2 periods.

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 59.8639. This is not an overbought or oversold reading. The last signal was a sell 1 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 57.68. 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 80 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 56. This is not a topping or bottoming area. The last signal was a sell 0 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 5 period(s) ago.

The following two tabs change content below.

John Heffernan

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

You must be logged in to post comments :  
CONNECT WITH