Chart of the Day: This Bank Holding Is Finally Getting Its Due
Since breaking out in June, the stock has not looked back.
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New highs all around for Bank of America (BAC) as the stock continues to perform at a very high level. The chart shows BAC at a new all-time high. Since this past June, the stock has not looked back.
Since the breakout (arrow in June) the stock has been making higher highs and higher lows for months. That is our textbook definition of an uptrend. Meanwhile, the candles have mostly been blue, which signals strongly bullish on the GoNoGo composite of indicators.
MACD (moving average convergence divergence) remains on a buy signal, and stochastics (momentum) is bullish as the stock inches higher each day. If there were a fly in the ointment it might be money flow, which is just straddling the flat line.
Other bank stocks such as JPMorgan Chase (JPM) , Goldman Sachs (GS) and Citigroup (C) may be more attractive than BAC, but the results speak loudly. This stock is right at the top of the class, and with lower rates and a strong economy that only means higher prices for the stock.
At the time of publication, TheStreet Pro Portfolio was long BAC.
