Bank Of America Earns Relative Strength Rating Upgrade; Hits Key Benchmark
On Wednesday, Bank Of America ( BAC ) hit a key performance benchmark, with its Relative Strength ( RS ) Rating rising into the 80-plus percentile with an upgrade to 82, a rise from 77 the day before.
[ibd-display-video id=2881825 width=50 float=left autostart=true] IBD's unique rating tracks share price action with a 1 (worst) to 99 (best) score. The score shows how a stock's price movement over the last 52 weeks holds up against all the other stocks in our database.
History shows that the market's biggest winners often have an 80 or higher RS Rating in the early stages of their moves.
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Bank Of America is now considered extended and out of buy range after clearing a 25.45 buy point in a first-stage cup without handle . See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average.
Earnings growth increased last quarter from 12% to 17%. But sales fell from 9% to 5%.
Bank Of America holds the No. 2 rank among its peers in the Banks-Money Centers industry group. Toronto Dominion Bank ( TD ) is the No. 1-ranked stock within the group.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.