Bank Of America is one of the largest financial institutions in the USA. It has a very rich history dating back to 1904, while continuing evolving with their customer needs. They have also been renowned for their customer satisfaction with personal banking and various other services. They also have a very vast network of ATMs and branches across the country to provide the best for their customers.
Bank Of America recently released their quarterly results and it was better than expected. The revenue of the BofA is near $26.39 billion while the expected revenue was $25.13 Billion. Bank Of America has said that their net income has increased by 15% from past year while the revenue surged by 13%. The sales and trading revenue of the company has also observed a rise of 7%. Recently, an analyst named Dick Bove has said that Bank Of America is spending big on Buy Backs but their stock has been in a continuous decline.
Bank Of America has a market cap of $232 Billion and has a positive EPS. It is currently more than 30% low from its 52 week high. BOA stock is currently struggling to gain despite profitable results.
Will BAC Stock Price Breach the Threshold of $32 Soon?
The weekly technical chart of the Bank Of America stock price suggests a bullish upside trend. On the daily chart, BAC stock price is seeing a consolidated trend in price. BAC stock price is currently near the value of $29.4 with a slight gain in the intraday session. The upside momentum of BAC stock price can see a halt near the value of $32. Meanwhile, the support of the asset price can be seen near $27.The stock price is trading below the 50 and 100 Daily Moving Average. If a negative crossover happens then it will push the price to a new low.
MACD of the BAC stock price hints towards a weak upside trend in price, The bars and signal line of the MACD are also hinting the same for stock price.
Summary
Bank Of America’s recent quarterly results were better than expected by everyone. BAC stock is currently struggling for an upside but can see a new high in future.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/14/bank-of-america-stock-price-struggles-to-jump-beyond-32-threshold/