Today we saw the earnings report for Bank of America and it did not meet the investor's expectations. So far the earnings season (for the banks) starts a bit off. The EPS came above expectations at 0.59 versus 0.54 expected. Revenue though came in with a miss - 20.1B against 20.56B expected. The main cause for the miss cited is the COVID-19 pandemic.
RSI is already crossing from overbought territory, though MACD's crossing is lagging. The histogram is showing a divergence with the price which is in line with RSI's early divergence with the price.
My expectations are for a drop towards the trend line support at the $31.35 zone. A breach there may lead to a potential drop towards $30.61 and by this jeopardizing the uptrend.
RSI is already crossing from overbought territory, though MACD's crossing is lagging. The histogram is showing a divergence with the price which is in line with RSI's early divergence with the price.
My expectations are for a drop towards the trend line support at the $31.35 zone. A breach there may lead to a potential drop towards $30.61 and by this jeopardizing the uptrend.
