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Bank Of America (BAC) Approaches New Downside Target of $29.37

By David Diaz

Bank Of America (NYSE:BAC) has opened bearishly below the pivot of $29.53 today and has reached the first level of support at $29.44. Analysts will be watching for a cross of the next downside pivot targets of $29.37 and $29.21.

Bank Of America has overhead space with shares priced $29.45, or 15.4% below the average consensus analyst price target of $34.80. The stock should discover initial support at its 200-day moving average (MA) of $28.73 and subsequent support at its 50-day MA of $28.31.

Over the past year, Bank Of America has traded in a range of $22.66 to $33.05 and is now at $29.45, 30% above that low. The 200-day and 50-day moving averages have moved 0.09% lower and 1.37% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Bank Of America on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $25.34. Since that recommendation, shares of Bank Of America have risen 16.3%. We continue to monitor BAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: pivot alerts Bank of america

Ticker(s): BAC