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SmarTrend Watching for Potential Pullback in Shares of Bank of America After 1.06% Gain

By Shiri Gupta

Bank of America (NYSE:BAC) traded in a range yesterday that spanned from a low of $16.11 to a high of $16.27. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $16.23 on volume of 38.1 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 recommended that subscribers consider buying shares of Bank of America on July 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.35. Since that recommendation, shares of Bank of America have risen 11.9%. We continue to monitor BAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Bank of America share prices have moved between a 52-week high of $18.48 and a 52-week low of $10.99 and are now trading 47% above that low price at $16.18 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.5%.

Keywords: rebounders Bank of america

Ticker(s): BAC