BUY BAC Bank of America - resilient value play against inflation
Fundamentals:
Here is what ClearBridge Investments has to say about Bank of America Corporation (NYSE:BAC) in its Q1 2021 investor letter:
"Higher long-term interest rates supported financials such as Bank of America, which has shown both defensive and offensive characteristics in the past year. We believe it continues to be the least risky large bank from a credit standpoint, with conservative underwriting and controlled risk taking, a leading consumer deposit franchise, scale and technology. It is also a leader in its commitments to sustainability, or as it terms it, responsible growth. Disclosure and reporting at all levels form a large part of this commitment, including gender diversity and equality, environmental commitments and support of communities in which it operates. In the first quarter Bank of America announced it is setting a goal of net-zero greenhouse gas (GHG) emissions in its supply chain and operations, and notably also in its financing activities, before 2050."
Technicals:
- reached golden pocket zone, 61.8% pullback fibonacci retracement
- support zone at 29-32 price
- MACD oversold, sell pressure weakening
Actions:
Currently double hammers on the weekly, enter a LONG on a bullish engulfing candle.
Definitely a solid value play for the inflationary environment.
Here is what ClearBridge Investments has to say about Bank of America Corporation (NYSE:BAC) in its Q1 2021 investor letter:
"Higher long-term interest rates supported financials such as Bank of America, which has shown both defensive and offensive characteristics in the past year. We believe it continues to be the least risky large bank from a credit standpoint, with conservative underwriting and controlled risk taking, a leading consumer deposit franchise, scale and technology. It is also a leader in its commitments to sustainability, or as it terms it, responsible growth. Disclosure and reporting at all levels form a large part of this commitment, including gender diversity and equality, environmental commitments and support of communities in which it operates. In the first quarter Bank of America announced it is setting a goal of net-zero greenhouse gas (GHG) emissions in its supply chain and operations, and notably also in its financing activities, before 2050."
Technicals:
- reached golden pocket zone, 61.8% pullback fibonacci retracement
- support zone at 29-32 price
- MACD oversold, sell pressure weakening
Actions:
Currently double hammers on the weekly, enter a LONG on a bullish engulfing candle.
Definitely a solid value play for the inflationary environment.
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