Chart of the Day: This Holding Continues Its Quiet Correction
The stock has shown mild distribution this month but has touched down on the December lows.
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As one of the biggest financials in the world, Bank of America BAC is not immune to rampant selling. In 2024, the big news for the company was that Warren Buffett's Berkshire Hathaway BRK.A BRK.B was a big seller of the stock.
The reaction, of course, to that finding was negative, but BAC battled back late in 2024 after some strong earnings and actually started off well in the new year. But worries about growth and continued high inflation have plagued BAC recently as the stock has come down about 10% from recent highs.
We do not see much improvement yet in the BAC price chart. The candles are purple, which is bearish on the GoNoGo composite of indicators. Parabolic SAR (stop and reverse) in the top pane remains negative, and stochastics (momentum) is flat on its back while the money flow is bearish.
As we said, there's nothing good on this chart from a bullish perspective. With a new month almost upon us perhaps we can see BAC moving sideways for a bit, consolidate here and then make a nice run higher around the next earnings calendar in April.
We like Bank of America and rate it a One in TheStreet Pro Portfolio.
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At the time of publication, TheStreet Pro Portfolio was long BAC.
