Bank of America is one of the most recognized multinational American banks. It is the second-largest banking institution in the US and the eight-largest in the world. Bank of America is considered as one of the Big 4 banks in the US. Bank of America is resilient as it has a huge depositor base, is one of the largest issuers of credit and debit cards, and also has a top-tier investment banking division. Its long-term prospects are, therefore, bright.
The monthly long-term chart for Bank of America shows an uptrend that began at the start of 2012. This uptrend peaked in January 2020 before the price fell by a massive 50%. This fall briefly took the price below the bottom of the long-term trend as well as two support levels at $26 and $18.54. However, starting April 2020, the price has bounced back up about 48% and is now above the bottom of the long term trend as well as the two support levels. The stock now looks poised to re-test its January 2020 peak of $35. A tight stop loss can be placed at around $25, below the $26-support level.
Positions taken today at entry point $25.37with a stop loss 24% below at $95. Take profit at $35 yielding a profit of 38%
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.
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