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Bank of America Corp., Technical Analysis

11/25/2022 10:53 AM

Shares of Bank of America Corp., the largest financial conglomerate in the US, are moving within the corrective trend around 37.00.

On the daily chart, the price managed to consolidate above the resistance line of the descending corridor with the boundaries of 28.00–36.00 and is now trying to stay above the 38.2% Fibonacci retracement level of 37.10.

On a four-hour timeframe, it can be seen that overcoming this level will become a catalyst for the movement of the quotes of the trading instrument towards two goals: the level of an intermediate correction of 50.0% at 39.60 and the level of a full correction of 61.8% at 42.00.

Technical indicators maintain a global buy signal, working out the local correction: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram is forming new bars trading in the buy zone

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