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Possible Bearish Inside Day Candle Pattern Detected for Bank Of America (NYSE:BAC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bank Of America (NYSE:BAC) based on the price action in the company's shares. Today's price range of $29.85 and $29.92 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Bank Of America may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.

Over the past year, Bank Of America has traded in a range of $22.66 to $31.91 and is now at $29.92, 32% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

There is potential upside of 16.3% for shares of Bank Of America based on a current price of $29.92 and an average consensus analyst price target of $34.80. The stock should discover initial support at its 50-day moving average (MA) of $28.84 and subsequent support at its 200-day MA of $28.66.

SmarTrend is tracking the current trend status for Bank Of America and will alert subscribers who have BAC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Bank of america

Ticker(s): BAC