Watch for Shares of Bank of America (BAC) to Approach Resistance at $16.37
Bank of America (NYSE:BAC) has opened bullishly above the pivot of $16.21 today and has reached the first level of resistance at $16.32. Should the shares continue to rise, the resistance pivots of $16.37 and $16.53 will be of interest.
Bank of America has overhead space with shares priced $16.37, or 13.5% below the average consensus analyst price target of $18.92. The stock should discover initial support at its 200-day moving average (MA) of $15.47 and subsequent support at its 50-day MA of $13.75.
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 $16.37, 49% 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 13.3%. We continue to monitor BAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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