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

By David Diaz

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 $28.50 and $28.63 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.

In the past 52 weeks, Bank Of America share prices have been bracketed by a low of $22.66 and a high of $31.91 and are now at $28.59, 26% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Potential upside of 21.7% exists for Bank Of America, based on a current level of $28.59 and analysts' average consensus price target of $34.80. Bank Of America shares should first meet resistance at the 200-day moving average (MA) of $28.65 and find additional resistance at the 50-day MA of $29.18.

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 inside day candle Bank of america

Ticker(s): BAC