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Look for Shares of Bank Of America to Potentially Rebound after Yesterday's 1.08% Sell Off

By Amy Schwartz

Bank Of America (NYSE:BAC) traded in a range yesterday that spanned from a low of $30.90 to a high of $31.33. Yesterday, the shares fell 1.1%, which took the trading range below the 3-day low of $31.48 on volume of 28.5 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

SmarTrend recommended that subscribers consider buying shares of Bank Of America on July 17th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.89. Since that recommendation, shares of Bank Of America have risen 5.7%. We continue to monitor BAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, Bank Of America share prices have been bracketed by a low of $22.75 and a high of $33.05 and are now at $31.27, 37% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.5%.

Keywords: rebounders Bank of america

Ticker(s): BAC