Buy bac stock

The ride-hailing service co-founder will remain on the board. Charts might not lie, but as Bank of America Corp NYSE: BAC shares can attest, they can at least paint a complex picture. Right now, the truth as it pertains to BAC stock lies somewhere in the middle ground — the same place a profitable trade setup resides.

Buy Bank of America Corp (BAC) Stock for a Nearly 20% Discount

It was only a couple weeks ago that I last wrote about Bank of America. And not too surprisingly, much of that narrative has been discarded … at least for now. At the time, BofA faced an increasingly bearish situation fundamentally thanks to POTUS impeachment chatter and its potential to wreack havoc on favorable legislative changes for Bank of America and other financial stocks. Now, however, a more benign narrative may be taking hold in Bank of America. Impeachment talk is, at the least, starting to simmer down, minimizing its impact on market algorithms.

Market participants also appear less interested or maybe more pessimistic about the rate environment. While the Federal Reserve nudged interest rates higher last week, a flatter yield curve persists.

The situation could work to counter the positive impact that higher rates are supposed to have on BAC stock. At other times, however, conditions just become more complex. Bank on June 5, BAC shares breached their neckline and hinted at a larger correction out of the head-and-shoulders topping pattern. Subsequently, shares began to rally in earnest.

At the time, I discussed the possibility of using the day simple moving average as a pattern breaker and technical reason to get long. It worked rather smoothly for a couple sessions, but continued price action hints that longevity is at serious risk. The growing concern is that BAC stock is filling a bearish price gap, stochastics are overbought, and shares are reversing lower with the right shoulder still intact.

Investors that ultimately wish to buy Bank of America, but agree that the technical situation looks hairy, should consider a bearishly targeted butterfly to position themselves for a few possibilities. If that scenario were to play out, the trader could also look to buy BAC stock with increased technical confidence.

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Bank of America Corp (BAC) Stock Is a Stink-Free Buy | InvestorPlace

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