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Bank of America Corp. Market Update

10/25/2022 2:03 PM

Shares of Bank of America Corp., one of the largest banks and analytical agencies in the US, continue to trade within the sideways trend around 35.00.

The instrument is gaining in value after the publication of a positive report for the third quarter, according to which the income of Bank of America Corp. amounted to 24.5 billion dollars with a forecast of 23.56 billion dollars. Earnings per share were 0.81 dollars, surpassing the first-quarter annual record of 0.80 dollars. In addition, the company's board of directors has set the date for the next dividend payment, which will take place on December 30 and will amount to 0.22 dollars per share, which corresponds to 2.51% per annum.

In corporate news, noteworthy is the recently adopted memorandum on working hours, according to which most of the management of Bank of America Corp. will gradually return to the standard work schedule, being in the offices at least 3 days a week, and by the end of the year it is planned to transfer the rest of the staff to the standard form of employment. The decision was the next step for Bank of America Corp. to get out of the restrictions associated with the COVID-19 pandemic.

On the daily chart of the asset, the price is trading sideways, trying to reach the resistance line. Technical indicators have already reversed and issued a stable buy signal: the range of the EMA fluctuations on the Alligator indicator began to expand in the direction of growth and fast EMAs move away from the signal line, and the histogram of the AO oscillator continues to rise in the buying zone.

Support levels: 33.60, 29.70. | Resistance levels: 36.50, 40.20.

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