Bank of America High Volume Day?

Published on Tuesday, 07 February 2012 11:38 Written by TradersHuddle Wire

New York, February 7th (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 1.66%, so definitely the buyers stepping in, as the stock's volume is on pace to break its 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 0.863 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 higher by 0.13% from its previous trading close, which means that Bank of America stock is outperforming the overall market.