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Watch for Bank Of America to Potentially Pullback After Gaining 2.45% Yesterday

By Shiri Gupta

Bank Of America (NYSE:BAC) traded in a range yesterday that spanned from a low of $23.33 to a high of $23.55. Yesterday, the shares gained 2.5%, which took the trading range above the 3-day high of $23.51 on volume of 22.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Bank Of America has traded in a range of $17.95 to $35.72 and is now at $23.39, 30% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.2% while the 200-day MA has slid 0.5%.

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: rebounders Bank of america

Ticker(s): BAC