Increased Interest Rates Harm Banks. Trading Idea for 18/10/2023
Bank of America has incurred a loss of 131.6 billion USD from securities transactions. According to the bank's CFO, Alastair Borthwick, this loss can be attributed to the declining value of US government bonds in the bank's portfolio, as a result of rising interest rates. The loss is anticipated to recover once the government fulfils its obligations, leading to an expected increase in Bank of America's accounting earnings.
Today, we propose to focus on the Bank of America (NYSE: BAC) stock chart.
On the D1 timeframe, support has formed at 25.84, with resistance at 27.67. There is a significant probability of a breakthrough at the resistance level.
On the H1 timeframe, the short-term target for the price increase is around 30.65; while in the medium term, it could reach 37.09.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67.85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Today, we propose to focus on the Bank of America (NYSE: BAC) stock chart.
On the D1 timeframe, support has formed at 25.84, with resistance at 27.67. There is a significant probability of a breakthrough at the resistance level.
On the H1 timeframe, the short-term target for the price increase is around 30.65; while in the medium term, it could reach 37.09.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67.85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.