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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America    BAC

BANK OF AMERICA (BAC)
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End of the technical recovery

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08/28/2012 | 03:21pm

On Friday, Merrill Lynch has agreed to a proposed $40 million class action settlement with 1,400 brokers over deferred compensation it refused to pay them after its merger with Bank of America.
The upward trend seems to be run out of steam. The downward trend could recover.

From a technical viewpoint, the proximity of the USD 8.3 medium-term resistance limits the upside potential on the stock. The uptrend in the short term could be stopped by this level and prices could decrease sharply in the coming sessions. Technical indicators, as the resistance trend line, show an overbought situation that reinforces this bearish scenario. Thus, there is a higher downside potential than upside.

Therefore, the proximity of mid-term resistance suggests a correction phase in the coming sessions. The most offensive will open a short position to target a return on the USD 6.8 support. It should protect the position with a stop loss set above the USD 8.3 resistance.


Maxime Nonglaton
© Zonebourse.com 2012
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Financials ($)
Sales 2018 91 903 M
EBIT 2018 37 368 M
Net income 2018 26 167 M
Debt 2018 -
Yield 2018 1,78%
P/E ratio 2018 11,87
P/E ratio 2019 10,42
Capi. / Sales 2018 3,28x
Capi. / Sales 2019 3,13x
Capitalization 302 B
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