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Bank Of America Set to Possibly Pullback After Yesterday's Rally of 2.60%

By Nick Russo

Bank Of America (NYSE:BAC) traded in a range yesterday that spanned from a low of $28.05 to a high of $28.69. Yesterday, the shares gained 2.6%, which took the trading range above the 3-day high of $28.62 on volume of 21.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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.

Over the past year, Bank Of America has traded in a range of $22.66 to $31.17 and is now at $28.61, 26% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.6%.

Keywords: rebounders Bank of america

Ticker(s): BAC