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Bank of America Corp., Technical Analysis

11/9/2022 10:27 AM

The 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 has consolidated above the resistance line of the side corridor with the boundaries of 30.00–37.00 and is trying to approach the basic Fibonacci correction of 38.2% around 37.70.

On a four-hour timeframe, it can be seen that consolidation above this level will open the way for quotes to the following two targets: the 50.0% intermediate correction level at 40.00 and the 61.8% full correction level at 42.40.

Technical indicators keep a stable buy signal: the range of EMA fluctuations on the Alligator indicator is actively expanding in the direction of growth, and the histogram of the AO oscillator is forming rising bars in the buying zone.

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