Technical Pulse: Bank of America Corp August 18, 2022 236
Bank of America (NYSE: BAC) A retest of the immediate support at 33.00-34.30 is possible before price edges higher as:
- The breakout of a falling wedge formation at 32.30 is pointing towards a bullish upside.
- Price has also been supported by a higher low consolidation range formed after the breakout, confirming the reversal of a downtrend.
- Price could reach resistance zone 1 at 36.50-39.00 before making a possible retest of the support zone, heading towards resistance zone 2 at 42.00-44.00 and resistance zone 3 at 48.00-50.00 thereafter.
*Expected timeline of the trade is 25 weeks from the date of report issuance.
CHART LEGEND
Red box = Resistance zone
Green box = Support zone
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About the author
Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).