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Possible Bullish Inside Day Candle Pattern Detected for Bank Of America (NYSE:BAC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Bank Of America (NYSE:BAC) based on the price action in the company's shares. Yesterday's price range of $34.38 and $34.58 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Bank Of America may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Bank Of America (NYSE:BAC) has potential upside of 0.6% based on a current price of $34.60 and analysts' consensus price target of $34.80. The stock should discover initial support at its 50-day moving average (MA) of $34.30 and subsequent support at its 200-day MA of $30.60.

Bank Of America share prices have moved between a 52-week high of $35.72 and a 52-week low of $26.21 and closed yesterday at 32% above that low price at $34.60 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.2%.

Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.

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: bullish am inside day candle Bank of america

Ticker(s): BAC