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Bank of America Corp., Technical Analysis

8/18/2022 12:06 PM

The shares of Bank of America Corp., the largest financial conglomerate in the US, are moving within the corrective trend of around 36.00.

On the daily chart of the asset, the price has left the global downward channel with dynamic boundaries at 27.00–33.00 and is significantly above the resistance line of 32.50, which it overcame at the end of July.

On the four-hour chart, it is seen that the upward momentum has high prospects for implementation, which is confirmed by the quotes consolidation above the initial correction of 23.6% Fibonacci around 34.50 and approaching the basic correction of 38.2% around 37.40, which is the main obstacle for the current movement.

Technical indicators keep a buy signal: the EMA fluctuation range on the Alligator indicator remains quite wide, fast EMAs have begun to move away from the signal line, and the AO oscillator histogram is forming up bars in the buy zone far from the transition level.





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