Whereas Goldman Sachs (GS) – Get Report has buyers’ consideration on Wednesday, that spotlight will quickly shift to Bank of America (BAC) – Get Report on Thursday when the corporate experiences earnings earlier than buying and selling begins. Bank of America follows others like Wells Fargo (WFC) – Get Report and JPMorgan Chase (JPM) – Get Report, and experiences alongside Morgan Stanley (MS) – Get Report. The price motion has been blended from the sector, maybe making issues a bit harder for Bank of America merchants. Buyers nonetheless view the stock – and the sector – with skepticism. Whereas the rally off the low has been noteworthy, it definitely hasn’t been as sturdy as different components of the markets. With the most recent rally, Bank of America has retraced simply 38.2% of its coronavirus selloff, (though it did reclaim the 61.8% retracement at one level, earlier than falling in June). Let’s have a look at the charts extra carefully. Goldman Sachs and JPMorgan are holdings in Jim Cramer’s Motion Alerts PLUS member membership. Need to be alerted earlier than Jim Cramer buys or sells GS or JPM? Study extra now.Buying and selling Bank of America StockDaily chart of Bank of America stock.Chart courtesy of Stockcharts.comBank of America stock spiked exhausting off the $20 stage in mid-May, vaulting shares up towards $29. Nonetheless, the 200-day shifting common and the 61.8% retracement stymied the rally, as shares rapidly retreated, then slowly drifted decrease. In current buying and selling although, the bulls have made a cost. Shares rallied 5.5% on July 10th, bouncing exhausting off uptrend assist (blue line) and setting the stage for the stock to reclaim the 20-day and 50-day shifting averages. On the upside, the $25.50 space is kind of key. It is a multi-year assist mark that now we have saved our eye on for fairly a while. It is also close to the place the 200-week shifting common comes into play. When this space failed as assist, it helped us to keep away from a significant flush within the stock price. For Bank of America stock to clear this stage can be significant. It will open up the chance for a run to the $28 to $29 space. There it will discover a number of notable marks, together with the June highs, the 61.8% retracement and the 200-day shifting common. On the draw back, I don’t need to see Bank of America fall beneath its 50-day shifting common and uptrend assist. If it does, it places the 23.6% retracement in play close to $21.90, adopted by the May low at $19.96. Nonetheless, based mostly on the response from a lot of the banking business, I don’t count on a significant breakdown in Bank of America stock instantly after reporting earnings. If it does decline although, a minimum of we are going to know the place assist is.