Bank of America shares close lower on Wednesday, company shareholders to conduct another chairman vote

According to a March 15th proxy filing by Bank of America, the groups shareholders are expected to conduct another vote whether Brian Moynihan, Chairman and Chief Executive Officer, should continue occupying both positions.

Bank of America shares closed lower on Wednesday, while also marking their steepest daily drop since March 6th. The stock went down 0.55% ($0.14) to $25.18, after touching an intraday low at $24.96, or a price level not seen since February 28th ($24.42). In the week ended on March 12th the shares of the financial holding company lost 0.51% of their market value compared to a week ago, which however, has been the smallest drop since the week ended on February 5th. The stock has trimmed its advance to 2.03% so far during the current month, following a 9.01% surge in February. The latter has been a fifth straight month of gains. For the entire past year, Bank of America shares soared 31.31%.

Four proposals are to be voted on at Bank of Americas annual general meeting, scheduled on April 26th, with one of them being whether an independent chairman of the board should be appointed. Other successfully submitted proposals concern claw-back provisions for executive pay, divestiture of some of the groups assets and a study on gender pay equity.

As stated in the filing, Bank of Americas board advised shareholders to vote against each of these proposals, a scenario which has already occurred in the past. In 2015 the groups shareholders rejected a proposal envisaging the split of the Chairman and the CEO roles, while prior proposals to toughen claw-back provisions turned out to be unsuccessful as well.

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 – $25.23
R2 – $25.29
R3 (Range Resistance – Sell) – $25.34
R4 (Long Breakout) – $25.50
R5 (Breakout Target 1) – $25.69
R6 (Breakout Target 2) – $25.78

S1 – $25.13
S2 – $25.07
S3 (Range Support – Buy) – $25.02
S4 (Short Breakout) – $24.86
S5 (Breakout Target 1) – $24.67
S6 (Breakout Target 2) – $24.58

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 – $25.39
R1 – $25.69
R2 – $26.08
R3 – $26.38
R4 – $26.69

S1 – $25.00
S2 – $24.70
S3 – $24.31
S4 – $23.93