ZINGER KEY POINTS
Bank of America’s stock shows bullish momentum, trading
above key moving averages.
Analysts’ target of $42 suggests a slight downside despite
strong technical indicators.
Bank of America Corp
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will be reporting its second-quarter earnings on
Tuesday. Wall Street expects 80 cents in EPS and $25.2 billion in revenues as
the company reports before
market hours.
The stock is up 43.07% over the past year, 24.74% YTD.
Let’s look at what the charts indicate for Bank of America
stock, and how the stock currently maps against Wall Street estimates.
Bank of America Stock’s Strong Bullish Momentum Ahead Of Q2
Earnings
Bank of America Corp
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is showing strong bullish momentum, with its share
price of $41.94 comfortably above the 5, 20, and 50-day exponential moving
averages (EMAs), indicating a solid uptrend.
The stock is also trading above its 8-day, 20-day, 50-day,
and 200-day simple moving averages (SMAs), which further supports a bullish
signal across these time frames. The 8-day SMA is at $41.30, the 20-day SMA at
$40.35, the 50-day SMA at $39.50, and the 200-day SMA at $34.18, all
reinforcing the positive technical outlook.
The Moving Average Convergence Divergence (MACD) indicator
stands at 0.68, suggesting continued bullish momentum.
However, the Relative Strength Index (RSI) at 66.72
indicates that the stock might be approaching overbought territory.
Bollinger Bands also align with the bullish sentiment, with
the 25-day bands ranging from $38.30 to $42.01 and the 100-day bands from $33.79
to $41.94.
Overall, Bank of America exhibits a strong bullish signal,
although caution is advised due to the elevated RSI.
Bank of America Analysts’ Optimism Priced In
Ratings & Consensus Estimates: The
consensus analyst rating on Bank of America stock stands at Overweight
with a price target of $41.56. The latest analyst ratings from Piper Sandler,
Jefferies, and Evercore ISI suggest a $42 target for Bank of America Corp, indicating
a slight downside of -0.06%.
BAC Price Action: Bank of America stock was trading
0.99% higher at $42.01 at the time of publication Monday.
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