The Chart of the Day belongs to Bank of America (BAC). I found the national commercial bank stock by using Barchart to sort the Russell 3000 Index stocks first for the most frequent number of new highs in the last month, then again for technical buy signals of 80% or more. Since the Trend Spotter signaled a buy on 10/5 the stock gained 4.72%.
Bank of America Corp. is one of the world's leading financial services companies. Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose.
The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
Barchart technical indicators:
- 96% technical buy signals
- Trend Spotter buy signal
- Above its 20, 50 and 100 day moving averages
- 16 new highs and up 11.80% in the last month
- Relative Strength Index 70.25%
- Technical support level at 16.54
- Recently traded at 16.87 with a 50 day moving average of 15.83
Fundamental factors:
- Market Cap $172.15 billion
- P/E 13.31
- Dividend yield 1.79%
- Revenue expected to grow 1.00% this year and another 1.40% next year
- Earnings estimated to increase 12.20% this year, an additional 6.80% next year and continue to compound at an annual rate of 8.02% for the next 5 years
- Wall Street analysts issued 12 strong buy, 1 buy and 5 hold recommendations on the stock
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