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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 $29.40 and $29.46 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 $33.05 and are now at $29.40, which is 30% above that low price. The 200-day and 50-day moving averages have moved 0.09% lower and 1.37% higher over the past week, respectively.

Bank Of America (NYSE:BAC) has potential upside of 18.4% based on a current price of $29.40 and analysts' consensus price target of $34.80. The stock should discover initial support at its 200-day moving average (MA) of $28.73 and subsequent support at its 50-day MA of $28.31.

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 recommended that subscribers consider buying shares of Bank Of America on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $25.34. Since that recommendation, shares of Bank Of America have risen 16.3%. We continue to monitor BAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Bank of america

Ticker(s): BAC