BAC Stock Headed To $40 A Share
EWM Interactive | May 17, 2018 07:24AM ET
After two consecutive years of spectacular gains, which nearly tripled Bank of America’s market cap, the too-big-to-fail financial institution is having a slower, but still strong start of 2018. Bank of America Corp (NYSE:BAC) stock is up 5.22% year to date, easily outperforming the S&P 500. Besides, Elliott Wave Principle and see if it confirms the positive outlook.
The daily chart shows the entire advance from as low as $10.99 in February 2016 to $33.05 in March 2018. As BAC stock closed slightly above $31 yesterday, the wave structure of the uptrend suggests the bulls still have plenty of room to run. It appears wave “v” of (iii) of 3 is now in progress, meaning a new multi-year high near $34 could soon be expected. $40 a share is there for the taking in the long-term. However, given that a series of fourth and fifth waves should now start to develop, Bank of America (NYSE:BAC) is unlikely to climb as fast as it has been in the last two years. Patience will be required.
Disclosure: The author holds a long position in BAC stock.
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