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
