Bank of America Surges on Deregulation Bets: A Technical Analysis
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Description
Bank of America (BAC) stock analysis: 1. **Current Price and Intraday Trading Range**: As of November 7, 2024, BAC stock price is $44.77, with an intraday trading range of $44.505 to $45.23. 2. **Pre-market and After-hours Movement**: No specific pre-market or after-hours data is provided in the sources. 3. **Trading Volume vs Average**: On November 7, 2024, BAC had a trading volume of 28,830,705 shares, but no average volume is provided for comparison. 4. **Recent News or Announcements**: Recent news includes a surge in bank stocks due to Trump's victory momentum and deregulation bets. There are no specific announcements from Bank of America in the last 24 hours. 5. **Major Analyst Updates or Price Target Changes**: The most recent analyst updates are from July 2024, with Morgan Stanley, BMO Capital Markets, and others maintaining buy ratings with price targets ranging from $40 to $49. 6. **Options Flow Activity**: No specific options flow activity is mentioned in the sources. 7. **Related Sector News**: There is no direct mention of semiconductor/AI sector news affecting Bank of America. However, the general banking sector has seen a surge due to political developments. 8. **Key Technical Indicators for Day Trading**: - **Support and Resistance**: BAC has a support price of $44.73 and resistance of $46.09 based on 1-day standard deviation move. - **Beta and Correlation**: BAC has a beta of 0.98 and a correlation of 0.23 to the SPY ETF, indicating it is less sensitive to market movements. - **Market Sentiment**: The consensus rating for BAC is a buy, with 51 buy ratings, 22 hold ratings, and 8 sell ratings. In summary, BAC stock has seen a recent surge due to political developments, with a current price of $44.77 and a trading range indicating potential for further movement. Analysts maintain a buy consensus with price targets up to $49. Key technical indicators suggest a support price of $44.73 and resistance of $46.09, with a relatively low sensitivity to market movements.
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