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

By James Quinn

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 $32.73 and $32.86 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.

In the past 52 weeks, shares of Bank Of America have traded between a low of $22.66 and a high of $33.09 and are now at $32.80, which is 45% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.2%.

Bank Of America has overhead space with shares priced $32.80, or 5.8% below the average consensus analyst price target of $34.80. Bank Of America shares have support at the 50-day moving average (MA) of $29.50 and additional support at the 200-day MA of $28.96.

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.

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