Bank of America is reporting earnings that are growing at an average rate of 4.4% annually, while the banking sector saw earnings grow at 14.9% per year. According to Simply Wall, a website that provides financial analysis and insights, revenues have been growing at an average rate of 1.8% per year. Bank of America’s return on equity is 10.2%, and it has a net margin of 28.6%.
According to Simply Wall, Bank of America has total assets worth $3,194.7 Billion and total equity of $ 280.2 Billion. Total deposits are $1,910.4 Billion, and total loans are $1,033.9 Billion. It has a Net Interest Margin of 2%. It has an adequate allowance for bad loans, which are currently at 0.4% of total loans. Cash and short-term investments are $893.1 Billion.
The market capitalization of BAC share is $233.97 Billion and the total revenue is $115.55 Billion. Moreover, the stock’s basic EPS is $3.34 and the price-to-earnings ratio is 8.74.
Moreover, BAC stock price rose by 0.20% this month and fell by 14.54% in the last six months. Bank of America (BAC) stock has a negative year-to-date return of 11.65%.
The average volume of Bank of America stock is 43.889 Million and the current volume is 41.855 Million.
The volume is below average. The price will need a thrust, otherwise, it may decline further.
Technical Analysis of BAC Stock Price in 1-D Timeframe
As per the Bank of America price prediction, the price action shows that the BAC price dropped in the first week of February by about 30% by making lower lows and lower highs from the resistance zone at $36.90 and reached the support at $26.09 within two months by the third week of March.
Then, from the support of $26.09, the price bounced back and since then, followed the trendline support and resistance and contracted in a zone. The price is consolidating and trading between 50 and 100 EMAs at the price of $29.36 at the time of publishing.
The coin is trying to hold on, but to rise above the hurdles, the price must gather more buyers, or else the price is likely to plunge. The Bank of America price trend suggests that a symmetrical triangle is forming from which the price could soon break out of. Moreover, this pattern can go either way, upward or downward. To go upward.
At the time of publishing, the BAC price is below the 100 and 200-day EMAs showing a downward trend in the long term while it is above 20 and 50-day EMAs in the short term. The price is in the consolidation zone and between the long and short term trends.
Moreover, the MACD line at 0.0909 and the signal line at 0.0296 are above the zero line. A bullish crossover is observed indicating bullishness in the market. However, the RSI is at 58.10 points and the 14 SMA is below the middle line of 49.24 points, which shows a bullish sentiment in the market of Bank of America Corporation as the RSI line is taking support from the 14SMA line.
Summary
Bank of America price prediction highlights that the investors and traders of the BAC share are bullish in the 1D time frame, as the technical indicators point to a bullish phase. Therefore, the analysis shows that BAC stock is likely to consolidate its bullish path for the next few weeks on the daily chart.
Technical Levels:
- The nearest support levels: $27.53 and $26.22.
- The nearest resistance levels: $29.83 and $30.99.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/13/bank-of-america-price-prediction-will-bac-stock-make-30-mark/