Bank of America shares close higher on Monday, holding chooses Dublin as post-Brexit EU base

Bank of America Corporation (BAC) has reportedly decided to base its operations within the European Union in Dublin, after the UK takes its leave from the bloc. The holding, however, did not specify any number of jobs to be moved or added in Irelands capital city.

Bank of America shares closed higher for the second time in the past seven trading sessions on Monday. The stock went up 0.46% ($0.11) to $23.91, after touching an intraday high at $24.03, or a price level not seen since July 20th ($24.12). In the week ended on July 23rd the shares of the financial holding company lost 1.69% of their market value compared to a week ago, which marked a second consecutive period of decline. However, the stock has pared its loss to 1.44% so far during the current month, following an 8.26% surge in June. The latter has been the first monthly gain since February. For the entire past year, Bank of America shares soared 31.31%.

“Bank of America has operated in Ireland and engaged in the local community for almost 50 years”, Brian Moynihan, Chairman and Chief Executive of Bank of America, said, cited by Reuters.

Dublin and Frankfurt have become the choice of an increasing number of financial institutions for their operations after the Brexit. More than 700 people are currently employed with Bank of America in Dublin.

“This announcement. ..is a strong endorsement of Irelands attractiveness as a location for investment, and of the governments approach to securing Brexit-related activities”, Irelands Prime Minister Leo Varadkar was quoted as saying by Reuters, following a meeting with Brian Moynihan in Dublin on July 21st.

Meanwhile, according to a post by the Irish Times, Bank of America has extended its existing lease on its building in Leopardstown, Dublin.

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Bank of America’s stock price, have a median target of $27.00, with a high estimate of $32.00 and a low estimate of $20.00. The median estimate is a 12.92% surge compared to the closing price of $23.91 on July 24th.

The same media also reported that 16 out of 31 surveyed investment analysts had rated Bank of America’s stock as “Buy”, while 8 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

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 – $23.94
R2 – $23.97
R3 (Range Resistance – Sell) – $24.00
R4 (Long Breakout) – $24.08
R5 (Breakout Target 1) – $24.17
R6 (Breakout Target 2) – $24.21

S1 – $23.88
S2 – $23.85
S3 (Range Support – Buy) – $23.82
S4 (Short Breakout) – $23.75
S5 (Breakout Target 1) – $23.65
S6 (Breakout Target 2) – $23.61

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 – $23.88
R1 – $24.14
R2 – $24.49
R3 – $24.75
R4 – $25.02

S1 – $23.53
S2 – $23.27
S3 – $22.92
S4 – $22.58