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SmarTrend Watching for Potential Rebound in Shares of Bank Of America After 1.60% Loss

By James Quinn

Bank Of America (NYSE:BAC) traded in a range yesterday that spanned from a low of $33.77 to a high of $34.14. Yesterday, the shares fell 1.6%, which took the trading range below the 3-day low of $34.22 on volume of 17.7 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

In the past 52 weeks, Bank Of America share prices have been bracketed by a low of $26.21 and a high of $35.72 and are now at $33.80, 29% above that low price. 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%.

SmarTrend recommended that subscribers consider buying shares of Bank Of America on October 16th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.52. Since that recommendation, shares of Bank Of America have risen 12.6%. 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