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Bank of America Corp., Stock Growth Prospects are Still High

2/14/2023 2:53 PM

Stocks of one of the largest banks and analytical agencies in the USA, Bank of America Corp. are still trading within the sideways trend around the 35.00 mark.

Bank continues to implement a program for financing the real estate market. So, yesterday the management said that the Community Development Banking (CDB) division provided 7.85B dollars in loans and investments in the equity capital of enterprises, of which 5.2B dollars were allocated to repay debt obligations and about 2.7B dollars were invested in construction. In general, the indicator became the maximum and exceeded 6.7B dollars allocated in 2021. The bank also announced a new record for the number of patents in the categories of artificial intelligence and information security. In 2022, 608 documents were issued, 19.0% more than in 2021, which allowed the issuer to take 75th place in the world among the main owners of intellectual property and 1st place in the USA.

Financial condition of Bank of America Corp. is quite stable, which was confirmed by the recent report for Q4 2022: revenue amounted to 24.53B dollars, which is higher than 24.5B dollars a quarter earlier, and earnings per share – to 0.85 dollars, which also exceeded the previous figure of 0.81 dollars.  

On the daily chart, the price continues to trade within the global Diamond pattern, making attempts to reach the resistance line.

Technical indicators reversed a long time ago and hold a buy signal: the range of EMA fluctuations on the alligator indicator is still quite wide, and fast EMAs are slowly approaching the signal line, and the histogram of the AO oscillator continues to be in the buy zone, forming correction bars.

Support levels: 34.70, 31.50. | Resistance levels: 36.80, 40.00.

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