Bank AI

Rise

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Bank of America’s stock price closed at $29.04 while witnessing a loss of -0.45% during the last intraday trading session.</a> </li> 
 <li> <span>2</span> <a>BAC stock price has crossed below 20,50,100 and 200-day exponential moving averages.&nbsp;</a> </li> 
 <li> <span>3</span> <a>The year-to-date return of Bank of America stock is -12.61% while the three-month return is 4.61%.</a> </li> 
</ul> 
<p>Bank of America (BAC) stock entered into an uptrend during early July 2023, rising from the $28.20 level and forming a high at $32.85. Bank of America concluded its first half of 2023 with a loss of 13.4% year-to-date (YTD).&nbsp;</p> 
<p>The failure of two major banks in March – Signature Bank and Silicon Valley Bank, followed by third bank – First Republican Bank collapse in April, brought down most banks in the industry. Even in the brutal period for banks, the nation’s second-largest bank outperformed the KBW bank index, which tracks the performance of the country’s largest bank.&nbsp;</p> 
<p>Some of the renowned banks such as Bank of America were less impacted and saw an increase in deposits after the meltdown of three banks as customers wanted the safety and stability of large, highly regulated, well-capitalized banks.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/13zvM8IOVY_ZV6PSQxznh_bMc57suHwsItXD-sxy2-44GQmERjlHHTrTh5YtkWTlnm-gkJab3WjBlKyKL7JzPqjxB6UsV8s9s5h1sTe1hI8d8ZrH98NETs6OGXkvCY1v7713BEWrSeaoWdquBhPD7A" alt="Bank Of America (BAC Stock): Trades Below Its Intrinsic Value"> 
  <figcaption class="wp-element-caption">
    Source: BAC Stock Price By <a href="https://www.tradingview.com/x/QYd7ZcSS/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>After facing rejection above $32, BAC stock price corrected the bullish move and lost the gain it made during the early July bullish rally. Recently, the stock price formed support at $28.20 and started to rise but is facing rejection from $29.30.&nbsp;</p> 
<p>The last candle closed bearish after the rejection. If the next candle is successful in breaking the low of the last candle, the price might melt down to $28.20. On the other hand, if the stock price can close above $30, it might retest the high of $32.80.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-bank-of-america-stock-lowest-valuation-in-seven-years-strong"><strong>Bank of America Stock Lowest Valuation In Seven Years</strong></h2> 
<p><a href="https://www.thecoinrepublic.com/2023/08/10/bac-stock-price-nyse-bac-prediction-will-it-sustain-or-slid/" target="_blank" rel="noopener noreferrer nofollow">Bank of America</a> is near its lowest valuation in the last seven years. The price-to-earning ratio has dropped to 8.36 (as of August 2023). The company had a price-to-earnings ratio of 12 during the start of 2022.&nbsp;</p> 
<p>The price-to-book ratio is 0.82, which is at the lowest level since 2017. These are two indicators of a stock that suggest that it is trading below its intrinsic value.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-will-bac-stock-rise-above-30-strong"><strong>Will BAC Stock Rise Above $30?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/vR1mQN6You7V7TcMWTVcEEBydY482v2mbinoG8MRZ3izxRszdZ7IEe7JtuW4oIVK_MJLdCFURd8H32gftkQ0B2CLC5GUOTPLXD8g0-F7NYtzPn8KofkmjxNsHptKBb_b055-oUZEX6MJKlxjcI-LrQ" alt="Bank Of America (BAC Stock): Trades Below Its Intrinsic Value"> 
  <figcaption class="wp-element-caption">
    Source: BAC Stock Price By <a href="https://www.tradingview.com/x/JuxRKIbH/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/08/10/bac-stock-price-nyse-bac-prediction-will-it-sustain-or-slid/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> has dipped below all the major EMAs, suggesting a high confluence of bears over the market. Chaikin money flow (CMF) score has also dropped below the 0 mark which suggests a decrease in strength and capital outflow.&nbsp;</p> 
<p>The relative strength index stands at 41.56, indicating increased participation in sellers in the market. RSI has been trading below the 50 mark since 15 August 2023. The bands of Bollinger have also expanded indicating a rise in volatility.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Aside from low valuation, Bank of America had a surprisingly good first and second quarter which indicates that the banking crisis had a minimal effect on Bank of America. The technical parameters suggest that there is a rise in the participation of sellers in the market.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li>Major support: $28.20 and $27</li> 
 <li>Major resistance: $29.30 and $31.90</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Bank Of America (BAC Stock): Trades Below Its Intrinsic Value

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Thecoinrepublic.com

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