TradersHuddle Scanner - High Volume For Bank of America

Published on Monday, 06 February 2012 11:38 Written by Christopher Lynn

New York, February 6th (TradersHuddle.com) - Unusual high volume detected on shares of Bank of America Corporation (NYSE:BAC), early in the trading session. Bank of America is currently trading higher by 5.23%, so definitely the buyers stepping in, as the stock's volume is already above average.

Bank of America Corporation (NYSE:BAC) 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. Bank of America, the biggest U.S. lender, has a very extensive network of retail banking locations in the U.S. The Bank was founded in 1874 and its headquartered in Charlotte, NC.

Bank of America has already traded 1.335 times its 3-month average volume, and has calculated support and resistance at $7.02 and $7.50 respectively. Traders like to use volume as their lie detector for price action moves through predefined trading ranges.

The overall market index S&P 500 is trading lower by -0.26% from its previous trading close, which means that Bank of America stock is outperforming the overall market.