Chart of the Day: Bank of America's Uptrend Is Very Bullish
The stock is knocking on the door of all-time high levels.
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A nice, quiet move up by Bank of America BAC recently has this stock knocking on the door of all-time high levels. That mark is quite a bit away from current levels as BAC reached $48 at the start of 2022 just before the bear market began.
It has been quite a ride though for the bank with a heavy drop in late 2023 (arrow on the left side of the top chart), but the stock has exploded higher on very strong turnover. The current uptrend is very bullish, with higher highs and higher lows.
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That is the textbook definition of an uptrend. Notice money flow continues to be weak. That could be a problem if BAC starts to falter, but right now the stock is breaking out higher on strong turnover (yellow box).
Stochastics in the fourth pane is strong and overbought, nearly embedded. When that condition occurs we see the "pro's buying the dips", and that has been the case all month long for BAC.
Higher prices are bullish and lead to continuation. We like BAC in TheStreet Pro portfolio and rate it a two, or "stockpile on pullbacks".
At the time of publication, TheStreet Pro Portfolio was long BAC.
