In close proximity to the technical resistance zone that has been tested over several trading sessions, stocks in Bank of America Corporation could experience a pullback over the coming trading sessions towards technical support levels based on daily closing prices. Investors should open a short trade and target the $ 15.5.
The share is getting closer to its long-term support in weekly data, at USD 19.67, which offers good timing for buyers.
The group's activity appears highly profitable thanks to its outperforming net margins.
Historically, the company has been releasing figures that are above expectations.
With a P/E ratio at 7.95 for the current year and 7.54 for next year, earnings multiples are highly attractive compared with competitors.
The average target price set by analysts covering the stock is above current prices and offers a tremendous appreciation potential.
According to Standard & Poor's' forecast, revenue growth prospects are expected to be very low for the next fiscal years.
For the last four months, the sales outlook for the coming years has been revised downwards. No recovery of the group's activities is yet foreseen.
Analysts covering the stock have recently lowered their earnings forecast.
The underlying tendency is negative on the weekly chart below the resistance at 26.47 USD
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