After Yesterday's Rally of 3.43% Shares Could Potentially Pullback
Bank of America (NYSE:BAC) traded in a range yesterday that spanned from a low of $14.01 to a high of $14.55. Yesterday, the shares gained 3.4%, which took the trading range above the 3-day high of $14.37 on volume of 57.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Bank of America share prices have moved between a 52-week high of $18.48 and a 52-week low of $10.99 and are now trading 32% above that low price at $14.52 per share. Over the past week, 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 March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.32. Since that recommendation, shares of Bank of America have risen 5.2%. We continue to monitor BAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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