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Watch for Bank Of America to Potentially Pullback After Gaining 1.54% Yesterday

By David Diaz

Bank Of America (NYSE:BAC) traded in a range yesterday that spanned from a low of $28.43 to a high of $29.00. Yesterday, the shares gained 1.5%, which took the trading range above the 3-day high of $28.67 on volume of 16.8 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 $25.81 to $33.05 and is now at $28.99, 12% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.2%.

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.

Keywords: rebounders Bank of america

Ticker(s): BAC