| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 38.50 |
| Take Profit | 41.20 |
| Stop Loss | 37.50 |
| Key Levels | 34.00, 36.00, 37.50, 38.00, 38.50, 41.20, 41.50 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 36.80 |
| Take Profit | 34.10 |
| Stop Loss | 38.00 |
| Key Levels | 34.00, 36.00, 37.50, 38.00, 38.50, 41.20, 41.50 |
Shares of Bank of America Corp., one of the largest banks and analytical agencies in the United States, are trading within the corrective trend at 38.00.
On the daily chart, the price is retreating from the support line of the ascending channel with dynamic boundaries of 41.50–36.00, preparing to renew the year’s high of 38.50.
On the four-hour chart, the quotes can overcome the extreme and rise to the channel resistance line of 41.50, above which the asset tried to consolidate in mid-March but retreated from 38.00 to the support level of 34.00. In case of a reversal, a decline to 36.00 is expected.
Technical indicators strengthen the buy signal: fast EMA on the Alligator indicator move away from the signal line, expanding the range of fluctuations, and the AO histogram forms upward bars above the transition level.
Trading tips
Long positions may be opened after the price rises and consolidates above 38.50, with the target at 41.20. Stop loss – 37.50. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 36.80, with the target at 34.10. Stop loss – 38.00.
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