Bank of America (BAC) Breaks Through Resistance at $9.06
5 days 2 hours 22 minutes ago - Comtex SmarTrend(R) via Comtex

Shares of Bank of America (NYSE:BAC) opened today above their pivot of $8.97 and have already reached the first level of resistance at $9.06. Analysts will be watching for a cross of the next upside pivot targets of $9.20 and $9.42.

Bank of America share prices have moved between a 52-week high of $10.10 and a 52-week low of $4.92 and are now trading 84% above that low price at $9.06 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.3%.

Bank of America (NYSE:BAC) has potential upside of 2.6% based on a current price of $9.06 and analysts' consensus price target of $9.30. The stock should find initial support at its 50-day moving average (MA) of $8.22 and further support at its 200-day MA of $7.85.

SmarTrend recommended that subscribers consider buying shares of Bank of America on June 19th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.04. Since that recommendation, shares of Bank of America have risen 11.1%. We continue to monitor BAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at cbrian@mysmartrend.com

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