After Yesterday's Rally of 1.16% Shares Could Potentially Pullback
Bank of America (NYSE:BAC) traded in a range yesterday that spanned from a low of $15.58 to a high of $15.90. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $15.54 on volume of 76.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Bank of America has traded in a range of $10.99 to $18.48 and is now at $15.70, 43% above that low. 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 recommended that subscribers consider buying shares of Bank of America on July 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.35. Since that recommendation, shares of Bank of America have risen 8.3%. We continue to monitor BAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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