Bank of America Close to the 200 Day

Published on Thursday, 09 February 2012 07:24 Written by TradersHuddle Wire

New York, February 9th (TradersHuddle.com) - Shares of Bank of America Corporation (NYSE:BAC) traded at $8.13 close to its 200 day moving average currently set at $8.09. Bank of America's price action is just above this key support level, and it will certainly raise traders attention, as a possible trading opportunity.

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.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $7.02 and calculated resistance at $7.50. These levels will certainly be watched by traders, as they provide insight into the latest price dynamics defined by Bank of America stock.

Traders wanting to establish a position on Bank of America will be looking at the price action for evidence of buying near the 200 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.