CHARLOTTE, NC – Bank of America Corp (BAC) shares ended Friday in negative territory after a volatile session saw a powerful morning rally completely erased by afternoon selling, leaving investors with a sense of uncertainty heading into the new trading week.
The financial giant’s stock closed at
0.53 (1.19%). The day was a tale of two halves: after opening at $44.00 and dipping to a low of $43.66, the stock mounted a strong rally, climbing to a daily high of $44.46 by midday. However, this bullish momentum proved unsustainable.
In the afternoon, sellers took firm control, pushing the stock down from its peak and wiping out all the day’s gains to close in the red. The after-hours session provided no new clues, with the stock remaining completely flat at $44.09.
Analysis for Monday:
The intraday price action paints a cautious-to-bearish picture for Monday’s open. The failure of the stock to hold onto its significant midday gains is a notable sign of weakness. This type of pattern, often called a “failed rally” or an “intraday reversal,” suggests that sellers emerged at higher prices and overwhelmed the buyers.
The flat after-hours trading indicates indecision, but it fails to counteract the negative momentum from the late-day sell-off. As a result, Bank of America’s stock is likely to face continued downward pressure on Monday.
Investors will be closely watching the daily low of $43.66. If the stock breaks below this support level, it could signal a further move down. The market will be looking for the stock to establish a stable base before any renewed confidence can be expected.
