Shares in Bank of America Corporation could enter into a technical downturn after the gains that were recorded over the last trading sessions. Investors should open a short trade and target the $ 30.2.
The group's activity appears highly profitable thanks to its outperforming net margins.
There is high visibility into the group's activities for the coming years. Outlooks on future revenues from analysts covering the equity remain similar. Such hardly dispersed estimates support highly predictable sales for the current and upcoming fiscal years.
The company's attractive earnings multiples are brought to light by a P/E ratio at 12.13 for the current year.
The tendency within the weekly time frame is positive above the technical support level at 28.37 USD
The share is close to its long-term resistance in weekly data. Therefore, the potential should be limited. However, a further bullish movement when crossing this resistance will be a positive signal.
According to Standard & Poor's' forecast, revenue growth prospects are expected to be very low for the next fiscal years.
For the last twelve months, sales expectations have been significantly downgraded, which means that less important sales volumes are expected for the current fiscal year over the previous period.
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