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Bank of America Corp., Technical Analysis

3/1/2023 10:06 AM

The shares of Bank of America Corp., the largest financial conglomerate in the US, are moving within the corrective trend at 34.00.

On the daily chart, a local Expanding formation pattern with the boundaries of 34.00–38.00 formed, and now the price is preparing for a reversal.

On the four-hour chart, it can be seen that the current downward wave is the fourth, so the probability of the development of the fifth ascending wave is high. The final reversal has not formed, and growth will become possible after consolidation above the key “bullish” level of 35.00.

Technical indicators are in a sell signal state: fast EMAs on the Alligator indicator are moving below the signal line, and the AO histogram is forming bars in the sell zone.

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