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Bank of America Corp. Technical Analysis

3/28/2023 10:04 AM

The shares of Bank of America Corp., one of the largest banks and analytical agencies in the US, are moving within a corrective trend at 28.00.

On the daily chart, the price is within the Expanding formation pattern with the boundaries of 24.00–40.00, preparing to continue the decline.

On the four-hour chart, the current downward wave is the fourth wave within the formation, and there is a high probability of its completion at 24.00, after which the formation of the fifth ascending wave is possible, while the key “bullish” level is the resistance around 29.30.

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 new bars in the sell zone.

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