• Return to Headlines

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. Yesterday's price range of $27.97 and $28.35 is within the prior day'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 (NYSE:BAC) has potential upside of 24.1% based on a current price of $28.04 and analysts' consensus price target of $34.80. The stock should find initial resistance at its 50-day moving average (MA) of $28.46 and further resistance at its 200-day MA of $29.94.

Bank Of America share prices have moved between a 52-week high of $33.05 and a 52-week low of $25.88 and closed yesterday at 8% above that low price at $28.04 per share. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.7%.

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 monitoring the recent change of momentum in Bank Of America. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Bank Of America in search of a potential trend change.

Keywords: bearish am inside day candle Bank of america

Ticker(s): BAC