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Bank of America Corp., Technical Analysis

1/30/2023 10:07 AM

The Shares of Bank of America Corp., the largest financial conglomerate in the US, are moving within the corrective trend at 35.00.

On the daily chart, the price moves within the global diamond pattern with the narrowing boundaries of 33.00–37.60, getting ready to test its upper border.

On the four-hour chart, it is clear that the formation is in the zone of a global upward correction, and the recent consolidation of quotes above the initial correction level of 23.6% Fibonacci around 34.10 increases the likelihood of continuation of the upward movement and reaching full correction of 61.8% Fibonacci around 41.95.

Technical indicators gave a buy signal: fast EMAs on the Alligator indicator are above the signal line, and the AO histogram forms bars in the buy zone.

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