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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. Yesterday's price range of $30.48 and $30.68 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. 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 share prices have moved between a 52-week high of $33.05 and a 52-week low of $22.07 and closed yesterday at 38% above that low price at $30.55 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.4%.

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.

Bank Of America has overhead space with shares priced $30.55, or 12.2% below the average consensus analyst price target of $34.80. The stock should discover initial support at its 50-day moving average (MA) of $30.44 and subsequent support at its 200-day MA of $28.53.

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 am inside day candle Bank of america

Ticker(s): BAC