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Bank of America is currently trading at 30.36-higher by 2.12% as compared to the previous closing price. In the Premarket trading session, the stock was trading higher by 1.95%. The stock has continued gaining after the opening bell.
Stocks of the bank rose today after the company reported a quarterly profit that was above the market expectation. Bank of America generated an EPS of $0.75 for the third quarter of 2019. The EPS was above the market expectation of $0.55. Revenue of $22.81 billion was also above the consensus estimates of $22.59 billion.
The bank’s earnings topped market expectations as its consumer and advisory businesses offset a fall in trading. Three of Bank of America’s four main divisions posted gains in revenue, led by its global banking business. The Charlotte-based bank’s equity trading business outperformed its peers with a 13% rise. Stocks of the Bank have rallied 21% this year before Wednesday’s earnings.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 64.59% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 30.30 TAKE PROFIT AT 30.90 STOP LOSS AT 30.00