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Bank Of America Set to Possibly Pullback After Yesterday's Rally of 1.54%

By David Diaz

Bank Of America (NYSE:BAC) traded in a range yesterday that spanned from a low of $28.43 to a high of $29.00. Yesterday, the shares gained 1.5%, which took the trading range above the 3-day high of $28.67 on volume of 16.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, Bank Of America share prices have been bracketed by a low of $25.81 and a high of $33.05 and are now at $28.99, 12% above that low price. The 200-day and 50-day moving averages have moved 0.18% lower and 0.59% lower over the past week, respectively.

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: rebounders Bank of america

Ticker(s): BAC