Technical Earnings Preview: Bank of America trading in a wide range before news
The stock has been marking time following a sharp lift higher off the November 2016 lows. The range can largely be described by a low at the $22.50 area and a high at the $25 area, with notable but brief excursions on either end of the range. Price is currently closer to the top of the range ahead of earnings. On a move above $24, a run to the $25 area range high would be probable. If the news and outlook are more strongly bullish than expected, a breakout above the 52-week high at $25.80 would be possible. Next resistance thereafter would be at the $27.50 area. If the report or outlook are far-weaker than expected, the first significant support would be at the range low at the $22.50 area. A break below that level would confirm a top in place, with next supports to watch as potential downside objectives at $21.23 and at $20.