Unified Communications Industry News

TMCNet:  Next Resistance Level for Bank of America (BAC) is $11.32

[February 27, 2013]

Next Resistance Level for Bank of America (BAC) is $11.32

Feb 27, 2013 (SmarTrend(R) News Watch via COMTEX) -- Shares of Bank of America (NYSE:BAC) opened today above their pivot of $11.13 and have already reached the first level of resistance at $11.22. Analysts will be watching for a cross of the next upside pivot targets of $11.32 and $11.51.

Bank of America has overhead space with shares priced $11.26, or 11.3% below the average consensus analyst price target of $12.69. The stock should find resistance at its 50-day moving average (MA) of $11.57, as well as support at its 200-day MA of $9.20.

Over the past year, Bank of America has traded in a range of $6.72 to $12.42 and is now at $11.26, 68% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has risen 0.6%.

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 38.5%. 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 --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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