Bank of America $BAC took the spotlight during the 1/16 session, and maybe shared it with Goldman Sachs $GS, as the two banks released better-than-expected earnings report for Q4 2018. The BAC Q4 earnings report had a bit more bite. Here's why according to CNBC: Bank of America reported better-than-expected profit and revenue for the fourth quarter on Wednesday, driven by a strong performance from its consumer-banking business and lower taxes. The results sent the bank's shares up 8 percent. Here is how the bank did in the previous quarter compared to analyst expectations: Earnings: 73 cents per share vs 63 cents expected, according to RefinitivRevenue: $22.7 billion versus a forecast of $22.397 billion Bank of America's quarterly profit tripled to $7.3 billion, a record. The bank also said it bought back $26 billion in common stock. "Operating leverage based on disciplined expense management while investing in our future, solid asset quality, and loan and deposit growth drove this quarter's results," CEO Brian Moynihan said in a statement. "Through the trillions of dollars of consumer transactions we process and from the steady confidence and activity of our small business and commercial clients, we see a healthy consumer and business climate driving a solid economy." Profits in Bank of America's consumer banking business grew by 52 percent on a year-over-year basis to $3.3 billion. Loans grew by about 1.9 percent, while credit and debit card spending expanded by 6 percent. The company's net interest income, a widely followed measure of profitability for banks, hit 2.48 percent in the fourth quarter. Analysts polled by StreetAccount expected 2.45 percent. However, Bank of America's fixed-income trading business disappointed Wall Street. Fixed-income trading revenue fell 15 percent to $1.45 billion, below expected sales of $1.62 billion. That steep decline was offset by an 11 percent rise in equities trading revenue to $1.1 billion. Overall, sales and trading revenue grew by 1 percent on a year-over-year basis to $2.6 billion. From Bank of America shares jump 8% after record earnings report (CNBC) Now let's take a look at the price chart. BAC Daily Chart (click to enlarge) V-Shape Reversal:- The share price of BAC has been declining since March, after it peaked around $33 a share. - There was a key support around $22, and price rebounded before reaching that in late December 2018.- Price has been rebounding sharply like a V, and is pushing towards $29 a share.Resistance:- We can see that as price pushes above $29, BAC will be facing the 200-day simple moving average (SMA) and a previous resistance pivot.- A little further up, around $30.20, price is going to challenge a falling trendline as well as a previous pivot. - With the RSI pushing above 70, a bearish divergence while price is around these price levels would indicate a possible top to the current rebound. Support:- While I don't think BAC is going to breakout into a bullish continuation mode, I think it has established strong support above $22 (2017-low). - If price does retreat from this area around $30, I would even limit the bearish outlook to $26, with strong buying possibly starting around $27.- Of course, if market risk overwhelms, it should not be a surprise to see BAC back around the $22 area. But I think $22 will ultimately hold.