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Watch for Bank of America to Potentially Pullback After Gaining 1.06% Yesterday

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.

In the past 52 weeks, Bank of America share prices have been bracketed by a low of $10.99 and a high of $18.48 and are now at $16.18, 47% above that low price. The 200-day and 50-day moving averages have moved 0.48% lower and 1.23% higher over the past week, respectively.

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.

Keywords: rebounders Bank of america

Ticker(s): BAC