BANK OF AMERICA MISSES REVENUE EXPECTATIONS, STOCK TECHNICALS BREAKDOWN
Bank of America’s stock is currently trading at 29.41-lower by 1.44% as compared to the previous closing price. In the Premarket trading session, the stock was trading lower by 2.11%. The stock has pared some of its losses after the opening bell.
The bank reported its earnings for the first quarter before the market opened on Tuesday. Bank of America generated EPS of 70 cents for the first quarter of 2019. The EPS was above the consensus estimates of 66 cents as the bank cut expenses more than expected. Bank of America also posted a 25% rise in earnings at its consumer banking division. Revenue of $23 billion was, however, slightly below the market expectation of $23.3 billion.
Under CEO Brian Moynihan, the bank posted its second consecutive record quarterly profit while methodically working costs down. Bank of America’s stocks have risen more than 20% so far in 2019, outperforming most of its peers and the KBW Bank Index.
On the technical front, the current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The RSI is currently at 57.11% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 29.50 TAKE PROFIT AT 29.17 STOP LOSS AT 29.66