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 plans to close another Des Moines area branch.
  • The company said recently it will shutter the office at 501 E. Army Post Road in Des Moines on Nov. 14.
  • “We are consolidating locations,” said Diane Wagner, company spokeswoman. More people are doing their banking online and on their mobile devices, she said.
  • Bank of America will continue operating branches at 3422 Ingersoll Ave. in Des Moines; 3400 Westown Parkway in West Des Moines; and 8525 Meredith Drive in Urbandale.

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 24.58.

The projected upper bound is: 27.16.

The projected lower bound is: 25.34.

The projected closing price is: 26.25.

BANK OF AMERICA closed up 0.080 at 26.210. Volume was 23% below average (neutral) and Bollinger Bands were 37% wider than normal.

Open          High           Low            Close         Volume
26.250       26.300       26.040      26.210       53,900,624

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

Moving Averages: 10-period           50-period         200-period
Close:                       25.53                  24.40                 23.78
Volatility:                19                        24                       26
Volume:                   61,936,448       64,579,804       81,318,792

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 is currently 10.2% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume into BAC (mildly bullish). Our trend forecasting oscillators are currently bullish on BAC and have had this outlook for the last 14 periods. Our momentum oscillator is currently indicating that BAC is currently in an overbought condition.

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 82.5910. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 9 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 71.30. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 121 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 143.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 10 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 17 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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