HEFFX Initiates Coverage on Bank of America Corp (NYSE:BAC)

HEFFX Initiates Coverage on Bank of America Corp (NYSE:BAC)

HEFFX Initiates Coverage on Bank of America Corp (NYSE:BAC)

We have a $26 target with Bank Of America.

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.

The projected upper bound is: 25.90.

The projected lower bound is: 21.75.

The projected closing price is: 23.82.

BANK OF AMERICA closed up 0.920 at 23.630. Volume was 71% below average (consolidating) and Bollinger Bands were 31% narrower than normal.

Open         High          Low          Close           Volume
23.240      23.850      23.240      23.630      138,638,928

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

Moving Averages: 10-period            50-period            200-period
Close:                       23.84                   18.94                    16.57
Volatility:                66                         67                         68
Volume:                   428,727,008      469,468,768      448,296,992

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 Amercia
BANK OF AMERICA gapped up today (bullish) on light volume. Possibility of a Common Gap which usually coincides with a lack of interest in the security. Common Gaps are fairly irrelevent for forecasting purposes. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
BANK OF AMERICA is currently 42.6% 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 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 38 periods

HEFFX Candlesticks Bank Of America
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 28 white candles and 21 black candles for a net of 7 white candles.

A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 3 rising windows in the last 50 candles–this makes the current rising window even more bullish.

America, bac, bank, heffx, NYSE, shayne heffernan, stock

 INCOME STATEMENT (USD, M) LFI LTM LFY
Total Revenue: 13,710.00 51,759.00 51,057.00
EBITDA: 9,097.00 37,762.00 37,540.00
EBIT: 8,935.00 36,301.00 35,299.00
Income Before Tax: 6,565.00 26,741.00 25,153.00
Income After Tax: 4,856.00 19,290.00 17,906.00
Income Avail Comm: 4,354.00 17,563.00 16,224.00
Dilut Shrs Out Avg: 10,914.82 10,985.28 11,035.66
Income
     Bef Tax, Normalized, LFY: 26,384.00
     Aft Tax, Normalized, LFY: 18,782.33
     Avail Comm, Normalized, LFY: 17,100.33
 PROFITABILITY RATIOS (%) LFI LTM LFY
Gross Profit % Margin:
EBITDA % Margin: 44.34% 44.85%
Oper Income % Margin: 29.51% 31.40% 30.05%
Income Bef Tax % Margin: 29.51% 31.40% 30.05%
Income Aft Tax % Margin: 21.83% 22.65% 21.39%

HEFFX Momentum Bank Of America
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 28.1690. This is not an overbought or oversold reading. The last signal was a buy 0 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 59.76. 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 sell 5 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 -13. This is not a topping or bottoming area. The last signal was a sell 5 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 sell 5 period(s) ago.

America, bac, bank, heffx, NYSE, shayne heffernan, stock

 

America, bac, bank, heffx, NYSE, shayne heffernan, stock

Bank Of America Description
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 15,900 ATMs, and award-winning digital banking with approximately 35 million active users and more than 22 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE:BAC) is listed on the New York Stock Exchange.

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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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