According to a statement by Susan McCabe, the spokesperson for Bank of America Corporation (BAC), the holding is to disclose in a more plain manner the fees charged to customers of its Merrill Lynch wealth management business. This change is to concern an array of services, including ATM usage, trading commissions and investment advice and will be introduced as soon as Bank of America mails out customer statements for January.
Bank of America shares closed lower for a third consecutive session on Tuesday. The stock went down 1.35% ($0.31) to $22.64, after touching a daily low at $22.50, or a level not seen since January 24th ($22.48). In the week ended on January 29th the shares of the financial holding company added 3.18% to their market value compared to a week ago, which marked the third gain in the past four weeks and also the best performance since the week ended on December 11th. However, the stock has erased earlier gains to remain flat in January, following a 2.44% surge in December. The latter has been a fourth straight month of gains. For the entire 2016, Bank of America shares soared 31.31%.
Due to a Department of Labor rule on retirement advice, which is to take effect in April, brokerage companies strive to show that their actions are in line with their customers best interest.
“If there is a delay we look forward to working with the new administration, the new Secretary of Labor, and other relevant agencies to improve current rules and regulations for the benefit of our clients”, Andy Sieg, the head of Merrill Lynch wealth management division, said, cited by Reuters.
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 – $22.69
R2 – $22.74
R3 (Range Resistance – Sell) – $22.79
R4 (Long Breakout) – $22.93
R5 (Breakout Target 1) – $23.10
R6 (Breakout Target 2) – $23.17
S1 – $22.59
S2 – $22.54
S3 (Range Support – Buy) – $22.49
S4 (Short Breakout) – $22.35
S5 (Breakout Target 1) – $22.18
S6 (Breakout Target 2) – $22.11
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 – $23.11
R1 – $23.80
R2 – $24.25
R3 – $24.94
R4 – $25.64
S1 – $22.66
S2 – $21.97
S3 – $21.52
S4 – $21.08
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