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Bank of America Corporation trading volume shares traded hit 96.92 million shares, topping the average volume shares of 105.25 million. The stock traded at $24.12, which stood at $24.23 or -1.42% at the close of trade.   

Analysts’ Recommendation

The bank has a consensus outperform rating from 34 analysts, in which shares were sold short at nearly 1.05%. Meanwhile, the stock stood at 3.68% last month and, up by 9.64 this year.      

The stock remained in a bullish tone, in which 27 analysts that covers BAC issued a buy-equivalent rating. The price target of Bank of America Corp.’s stock hit $24.96, up by 3.01% from recent close.

Shares were currently changing hands at about -2.89%, marking below its 52-week high. Additionally, several investors were surprised by the better-than-expected $0.41 gain, compared to the consensus estimated $0.38 during the last earnings report.  

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Subsequently, the bank’s revenue totaled $20.85 billion, down by -4362% from the previous quarter. However, analysts claimed that the sales are expected to return its growth for the quarter, based on the company’s revenue growth on a year-on-year basis that is anticipated to reach 9.58%.  

During the last quarter, its revenue stood at $19.73 billion.

The chart below illustrates the Bank of America Corp. stock’s movement after seeing significant gains during the recent sessions. The stock is currently trading at $24.34 in a light trading volume of 998, nearly testing resistance 100.0.

Hence, given a bullish tone on the company’s stock, the RSI suggests that the overbought level has been reached already and is now moving towards the level 50. It could signal the stock to decline as it could not go higher any further.

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Conclusion

Given a bullish tone on Bank of America Corp.’s stock backed by several analysts, it is expected that its highest level of the stock is already reached.

Further, it is also anticipated that the stock could decline anytime even if the stock is still soaring after the RSI stood at level 70.

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