Shares of Bank of America Corp., one of the largest banks and analytical agencies in the United States, are moving within a corrective trend at 28.00.

On the daily chart, the price is within the global Expanding formation pattern with the current dynamic boundaries of 27.50–34.00, preparing for an upward reversal.

On the four-hour chart, the necessary markers for the reversal have not yet been received: the nearest resistance level is the local high of 29.00, after consolidation above which the quotes will continue to grow to the next high of 30.00.

Technical indicators maintain a global sell signal: fast EMA on the Alligator indicator are below the signal line, narrowing the range of fluctuations within the correction, and the AO histogram forms upward bars below the transition level.

Trading tips

Long positions may be opened after a reversal, growth, and consolidation of the price above 29.00 with the target at 30.60. Stop loss – 28.50. Implementation period: 7 days or more.

Short positions may be opened after the price declines and consolidates below 27.70 with the target at 26.10. Stop loss – 28.50.