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SmarTrend Watching for Potential Pullback in Shares of Bank of America After 1.84% Gain

By James Quinn

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.

Over the past year, Bank of America has traded in a range of $10.99 to $25.80 and is now at $23.88, 117% above that low. 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