Above Resistance - Bank of America | Trading Ideas

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Above Resistance - Bank of America

Published on Wednesday, 08 February 2012 09:00 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of Bank of America Corporation (NYSE:BAC) closed the trading session at $7.85 just above calculated resistance at $7.50 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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's stock was trading in a well defined range with support at $7.02 and resistance at $7.50, given that this range was broken traders will be closely monitoring the stock

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