As we are in the Covid-19 era, and the stock market shows signs of volatility, investors are looking for stocks that can provide additional dividends. One such stock is NYSE: BAC.
Don’t get me wrong, but BAC is on the verge of rising. You might be wondering how? Let me explain.
If you look at the last seven days’ analysis, you’ll notice that there are highs and lows in the stock’s price. As I am writing this, the price of the Bank of America stock is 25.57. Between August 31 to September 9, the stock is maintaining a support level at 25. Many investors are worried that we could see a down break of this level by the end of 2020.
However, the stock dividend metrics suggest that there is a 40% increase. Income investors are focusing on these metrics. As when the dividend of the stock grows, there is a chance that stock price may rise. Also, the recent market trends fit perfectly for BAC.
Currently, the Bank of America is giving a 2.71 % dividend yield for long positions. This means now the stock is more attractive for the investors.
The next two weeks are important if you want to take long positions. According to the daily chart analysis, there is a strong potential that the stock’s price may rise to $27 with $29 in extension.
Even though it hasn’t returned to its pre-COVID price, with the banking sector in a correction phase, BAC is good for going long.