Bank of America shares close lower for a second straight session on Tuesday, holding creates branches with no employees

According to Anne Pace, the spokesperson for Bank of America, the financial holding has established 3 entirely automated branches in January, which allow clients to use ATMs and conduct video conference calls with employees located at other offices of the bank.

Bank of America shares closed lower for a second consecutive session on Tuesday, while also marking their steepest daily drop since January 31st. The stock went down 0.95% ($0.22) to $22.90, after touching a daily low at $22.86, or a level not seen since February 2nd ($22.51). In the week ended on February 5th the shares of the financial holding company lost 0.30% of their market value compared to a week ago, which however, has been the smallest drop since the week ended on December 25th 2016. The stock has trimmed its advance to 1.15% so far during the current month, following a 2.44% surge in January. The latter has been a fourth straight month of gains. For the entire 2016, Bank of America shares soared 31.31%.

The new branches, which equal a quarter of the size of a standard bank office, will be focused primarily on selling mortgages, auto loans and credit cards rather than basic operations such as cheque encashment. According to Pace, one entirely automated branch has been opened in Minneapolis and another one in Denver.

Dean Athanasia, the Co-head of Bank of Americas consumer banking unit, made a quick reference to this matter during a question and answer session at an investor conference on February 7th, without disclosing any details.

Bank of America established 31 new branches during the past year, while at the end of Q4 it had 4 579 financial centers. In comparison, the financial holding had 4 726 offices at the end of December 2015.

According to Athanasia, 50-60 new branches are intended to be opened in 2018. However, as closures in particular markets are also planned, these numbers do not represent a net increase.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Bank of America stock are presented as follows:

R1 – $22.94
R2 – $22.98
R3 (Range Resistance – Sell) – $23.02
R4 (Long Breakout) – $23.14
R5 (Breakout Target 1) – $23.27
R6 (Breakout Target 2) – $23.33

S1 – $22.86
S2 – $22.82
S3 (Range Support – Buy) – $22.78
S4 (Short Breakout) – $22.66
S5 (Breakout Target 1) – $22.53
S6 (Breakout Target 2) – $22.47

By using the traditional method of calculation, the weekly levels of importance for Bank of America Corporation (BAC) are presented as follows:

Central Pivot Point – $23.05
R1 – $23.59
R2 – $23.90
R3 – $24.44
R4 – $25.00

S1 – $22.74
S2 – $22.20
S3 – $21.89
S4 – $21.59