Shares of Bank of America Corp., the largest financial conglomerate in the US, are moving within a corrective trend at 34.00.
On the daily chart, the price is within the global Expanding formation pattern with the boundaries of 28.00–40.00, developing another downward wave.
The four-hour chart shows that the current wave is the fourth within the pattern, which practically guarantees that it will reach last year's low at 29.30. The local growth prospects are not high, as the resistance level at 35.00 looks quite solid.
Technical indicators keep a sell signal: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram is forming new bars in the sell zone.