Bank of America returns higher - Analysis - 07-11-2022

Bank of America's stock (BAC) returned higher in the intraday levels, tackling the important resistance of 36.94, while buoyed by exiting a descending correctional price channel in the short term, with support from the 50-day SMA, countered by negative signals from the RSI after reaching overbought levels, with the stock rallying 2.51% in the last session, or 90 cents, settling at 36.79, with trading volumes surpassing 39.3 million shares, above 10-day averages of 36.8 million.

Therefore we expect more gains for the stock, targeting the resistance of 40.37, provided the initial resistance of 36.94 was pierced.

Expected trend for today: Bullish