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

By Amy Schwartz

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 $12.36 and $12.65 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.

In the past 52 weeks, Bank of America share prices have been bracketed by a low of $10.99 and a high of $18.48 and are now at $12.49, 14% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.2%.

Bank of America (NYSE:BAC) has potential upside of 51.5% based on a current price of $12.49 and analysts' consensus price target of $18.92. The stock should find initial resistance at its 50-day moving average (MA) of $13.75 and further resistance at its 200-day MA of $15.47.

SmarTrend recommended that its subscribers protect gains by selling shares of Bank of America on June 13th, 2016 by issuing a Downtrend alert when the shares were trading at $13.75. Since that call, shares of Bank of America have fallen 11.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Bank of america

Ticker(s): BAC