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Bank of America’s stock is currently trading at 22.12-lower by 6.78% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 4.76%. The stock has continued falling after the opening bell.
The bank today reported its first-quarter earnings before the market open on Wednesday. Bank of America generated an EPS of 40 cents for the first quarter of 2020. The EPS was below the consensus estimates of 46 cents. BoA’s revenues for Q1 were $22.77B- above the market estimates of $22.67B.
The bank’s Q1 profit fell 45% as BoA set aside $3.6 billion for loan-loss reserve due to the pandemic. The coronavirus pandemic caused a sharp fall in profits across three of the bank’s four main divisions. Only the Bank of America’s trading division posted around a 33% rise in revenue to $1.48 billion. The trading division recorded an increase in profit due to greater volatility in markets and stronger client activity. Stocks of Bank of America have fallen about 37% Year-to-date.
On the technical front, the RSI is currently at 45.92% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.
TRADE SUGGESTION- LIMIT SELL AT 22.25 TAKE PROFIT AT 21.45 STOP LOSS AT 22.65