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BAC

Warren Buffet 2nd Darling..Bank of America Given that Buffett's favorite industry to invest in is banking, perhaps it comes as little surprise that he's been piling into Bank of America (NYSE:BAC) in recent weeks. After obtaining permission in April from the Federal Reserve Bank of Richmond to increase Berkshire's ownership stake in BofA past the usual 10% limit for investment companies, Buffett has taken advantage by building Berkshire's stake to nearly 12% of the bank's outstanding shares. In total, approximately $2.1 billion has been invested in BofA stock within the past couple of weeks. Why Bank of America? The simple answer is that it's a money machine and has cleaned up its act. We're more than a decade past the trough of the financial crisis, and BofA has put mortgage settlements and the awful credit quality of its loan portfolio to bed. Today, it is well capitalized and has been returning boatloads of capital to shareholders during periods of strong economic expansion. Had COVID-19 not gotten in the way, Bank of America was set to return $37 billion in cash plus buybacks to its shareholders between July 2019 and June 2020. The bank also deserves credit for reining in costs by focusing on digital banking and mobile apps. With more of the company's customers conducting their business online, fewer physical branches have been needed, which has helped to reduce noninterest expenses. But what might intrigue Buffett the most is BofA's interest sensitivity. It's arguably the most interest-sensitive money-center bank on Wall Street, and rates have nowhere to go but up over the long run. When the Federal Reserve does begin raising rates in (presumably) 2023, Bank of America should be the biggest beneficiary.
NYSE:BACLong
by ShukriMahadi
BAC DAily/Hourly demand zone 25.55 - 25.2 BAC DAily/Hourly demand zone 25.55 - 25.2 cmp:25.95 17 aug 2020 price quite near to demand zone, after making few exciting drop in hourly candles pro: 1. 2 exciting candles legout 2. origin of upmove in hourly candles 3. good single exciting candle legout in daily location time frame 4. BAC is in trend till it hit next weekly supply Con: 1.Approaching and near weekly supply 2. hourly candles lots of base in left of the zone, so zone might not work 3. SPY is near previous all time high, so if it correct. this level may not hold
NYSE:BACLong
by financial_freedom_with_guna
1
BAC : Bouncing off or collapse ?Hello Everyone! Watch the closing of BAC today as price came closer to its 20 sma and looks like ready to bounce off heading north. Where north ? if that will be the case 27,50 is next target, than 29,00. If trend will remain bullish we are going to get confirmation from XLF as well, very close to its 20 sma the index looks like the photocopy of BAC, than if BAC will go up, XLF will do the same and vice versa. The things are connected. What about a collapse scenario ? Well, we have few supports quite close as well: 32.8% Fibo level (24,85 usd) and 50% (23,55 usd), I expect in the worst case scenario these levels will hold the price. Take it in two steps : check first closing of today, holding the 20 sma is the first step for the bullish case, and wait for a confirmation candle tomorrow, and....may the market be with us!
NYSE:BAC
by Carlopiranha
2
Bank of America, possible long positionAfter spending some time watching the chart there are some things that I would like to highlight: First of all the last candle stays in a crucial zone which is a resistance line. Besides, this candle is above the moving average (150) which could be a long signal and if we follow the analysis the fibonacci retracement lines (150) show us that the current price is below the 0.5 line. I think that all of this could result in a long position. I've also seen the fundamentals showing a "normal" P/E ratio and a PEG below the median of the banking industry (1.80 vs 2.20 approximately). Apart from this the stock has a price to book below one which could mean that the stock is quite undervalued. So, that's my recommendation, hope you like it! Every comment or suggestion is always welcome.
NYSE:BAC
by lukdesimone
4
Warren Buffet is buying blocks of BAC. Let's look at the chart..Buffet has acquired $2.1 billion of BAC in the last 12 days ( see source below ). Because Buffet's time horizon is "never sell", it would make sense to look at an ultra long time frame, like the 12 month candles. In Q1 of 2020, BAC tested a major level that was supported in Q1 2000, and had significant resistance in Q1 2009, Q1 2010, Q1 2014, and Q1 2015, before it finally broke out in Q1 2016. The first quarter of the last 20 years has been consistently important, proving that once again in 2020. BAC also tested major technical levels as shown in this chart: Based on the price action, Bank of America could be a solid investment for long time horizons and a good asset to play the long side for traders. It would not surprise me to see Bank of America double in the next several years. However, traders move money around for a living. Returns are always relative. Other investments are likely to see significantly greater returns than BAC, so what could be a good investment against fiat may not be a good investment against other assets. markets.businessinsider.com
NYSE:BACLong
by Lanmar
BAC riding Impulse Wave 3 of Elliott wave right into resistance!BAC looks to be riding Wave 3 Impulse with Extension right into strong Resistance. Could be a perfect spot for some consolidation into wave 4 before wave 5 looks to test the resistance. Conversely we could see a push through the resistance and then wave 4 will form and bounce off of the new support. Looking at wave 3 being an extension wave it is at it's 5th point and seems to me that any at this point would lead to wave 4. - RSI is overbought on 4 hour chart (71) BUT only at 63 on the daily chart SO we could see a blow through of the resistance due to it still having room to move on the daily chart - looking at the previous may-june wave setup it seems to be doing the same setup, wave 3 tests the resistance and then wave 5 blows through it opposite: oversold and strong resistance could lead to breaking of the waves and bearish move Lets see what happens. Happy to hear any critique/ideas on my setups or ideas, thanks!
NYSE:BACLong
by DOpeTrades
1
WFC (Wells Fargo) The Comeback It is a rough time for many banks, But that does not mean it is necessarily going to stay like this. With Warren Buffet currently increasing his stakes in the BAC (Bank of America), Whom also holds large similar stakes in Wells Fargo with both being extremely similar especially on the charts. We could actually see Wells Fargo stock vastly increase, Now i am not saying it isn't going to be a bumpy ride with the current stop and starting of the economy worldwide but quite frankly because of Wells Fargo poor performance it has provided a great opportunity for investors. So to wrap it all up if Wells can catch up with the Bank of America (BAC) in the pre provisioning operating profits then the stock value could nearly double providing a great investment opportunity. Whilst provision charges can fluctuate violently through the cycle, pre-provision profit does not flex to anything at the same extent. When provision charges fall away after a recession, The bottom line starts to improve rapidly which is what we could see happen in the upcoming weeks/months/years. Disclaimer: I am not advising anyone to take any trades nor do i bare responsibility for any losses, Furthermore I am only sharing my analysis & speculation for you to make your own decisions. Do your own analysis and use the correct risk management. Dont bet the house.
NYSE:WFCLong
by OfficialKieranTrewick