Banking on this setup in $BAC – February 5, 2025
This is Scott at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a quick look here at Bank of America ( NYSE: BAC ).
A little while ago I mentioned that I saw some relative strength in software. IGV Software ( BATS: IGV ) is still looking great here. It’s above all the key moving averages, but I’m also noting some relative strength in some financial stocks. XLF ( NYSEARCA: XLF ), we see XLF ( NYSEARCA: XLF ) above all the key moving averages and just off of the highs.
That brings my eyes to some bank stocks. If we look at Goldman Sachs ( NYSE: GS ), it’s looking great, near the highs. Morgan Stanley ( NYSE: MS ) is just off the highs. JPM ( NYSE: JPM ) is probably just about to make a new high. And Bank of America ( NYSE: BAC ) is also holding up really well here.
I would definitely keep an eye on the financials. If I look at this setup here, I see a pretty clear downward-sloping trendline of resistance. What I would want to happen to buy this stock is to see a move above that clear downward-sloping trendline on volume. I’d consider setting an alert in and around 47.50. Look for a move and a close above 47.50, and then I think this stock has the potential to continue to trend higher.
Free Chart