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Possible Bullish Inside Day Candle Pattern Detected for Bank of America (NYSE:BAC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish 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 $23.36 and $23.54 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. Traders and investors interested in shares of Bank of America may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Potential upside of 7.3% exists for Bank of America, based on a current level of $23.45 and analysts' average consensus price target of $25.17. The stock should find initial support at its 200-day moving average (MA) of $15.47 and further support at its 50-day MA of $13.75.

Bank of America share prices have moved between a 52-week high of $25.80 and a 52-week low of $10.99 and are now trading 113% above that low price at $23.45 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.2%.

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: bullish inside day candle Bank of america

Ticker(s): BAC