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Bank of America Set to Possibly Pullback After Yesterday's Rally of 1.84%

By Amy Schwartz

Bank of America (NYSE:BAC) traded in a range yesterday that spanned from a low of $23.60 to a high of $23.94. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $23.94 on volume of 29.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Bank of America share prices have moved between a 52-week high of $25.80 and a 52-week low of $10.99 and are now trading 117% above that low price at $23.88 per share. 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 is tracking the current trend status for Bank of America and will alert subscribers who have BAC in their portfolio or watchlist when shares have changed trend direction.

Keywords: rebounders Bank of america

Ticker(s): BAC