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Bank of America Corp. Market Update

12/21/2022 3:06 PM

Stocks of one of the largest banks and analytical agencies in the USA, Bank of America Corp. continue to trade within the framework of a sideways trend around the 32.00 mark.

The stock prices of the entire banking sector have fallen seriously since the beginning of December amid concerns about the onset of a recession in the USA in the next quarter. Thus, the composite index of banks, allocated from the S&P 500 index, adjusted in December by more than -11.0%, which is much more significant than the drop in the S&P 500 index itself during this period (-5.5%), and the leaders of the downward dynamics were the shares of Bank of America Corp., falling by 16.2%. Among the key problems for the sector, investors are pessimistic about the effectiveness of the US Fed's interest rate hike policy, as well as the newly increased demand for bonds, which provokes an increase in their yields, making them more attractive against the backdrop of falling stocks.

At the end of last week, the board of directors of Bank of America Corp. approved the next cash dividends. Thus, payments on preferred shares of the L, HH, MM, NN, PP, RR and TT series will amount to 18,12, 0,367, 21,5, 0,273, 0,257, 10,937 and 5,312 dollars, respectively. The dates of payment of these dividends are indicated in the range between January 27 and February 3, 2023. As for ordinary shares, the next payment will take place on December 30, when 0.22 dollars will be sent to the holders of securities, which corresponds to a yield of 2.32%.

On the daily chart, the price continues to trade within the global Head and Shoulders pattern, making attempts to reach the support line.

Technical indicators have reversed and issued a stable sell signal: the range of EMA fluctuations of the alligator indicator has begun to expand in the direction of decline, fast EMAs are moving away from the signal line, and the histogram of the AO oscillator continues to fall in the sales zone.

Support levels: 31.30, 29.30. | Resistance levels: 33.00, 35.40.

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