Bank of America Corp.: the instrument trades sidewaysNYSE:BAC
Current trend
The shares of Bank of America Corp., one of the US's largest banks and analytical agencies, are moving sideways around 33.00.
The downward dynamics of the asset are developing against the backdrop of investor pessimism regarding the recent Q2 report, which was one of the worst for the company: net profit fell by 33% and amounted to 6.2B dollars compared to 9.2B dollars a year earlier, EPS is at the level 0.73 dollars, well below 1.03 dollars a year earlier, while the corporation's revenue reached 22.69B dollars, down from 23.23B dollars a quarter earlier. The main disappointment for traders was that the division responsible for capital markets investments suffered a loss of 5.0%, which reduced revenue to 4.5B dollars. The new report, published on October 17, is expected to increase revenue to 23.51B dollars, while EPS could increase to 0.8011 dollars.
The next dividend payout is scheduled for September 30, and shareholders will receive 0.22 dollars per share, reflecting an average quarterly return of 2.66% per annum.
Support and resistance
n the global chart, the price has left the downwards channel and is preparing to continue its local growth. Technical indicators maintain a buy signal: Alligator's EMA oscillation range expands, fast EMAs are above the signal line, and the AO oscillator histogram trades in the positive zone, forming downward bars.
Resistance levels: 33.85, 37.34.
Support levels: 32.40, 30.00.
Trading tips
Long positions may be opened after the price rises and consolidates above 33.85 with the target at 37.34 and stop loss 32.00. Implementation period: 7 days or more.
Short positions may be opened after the price drops and consolidates below 32.40 with the target at 30.00. Stop loss — 33.00.
***All indicator readings and price values are historical data. Past price behavior is not a reliable indicator of future performance.
