Is Bank of America Expecting Resistance Soon?
Published on Friday, 22 February 2013 07:44 Written by TradersHuddle Wire
New York, February 22nd (TradersHuddle.com) - Bank of America Corporation (NYSE:BAC) ended the trading session at $11.42, near its 50 day moving average set at $11.53. Bank of America's price action placed the stock below this important level, which makes it difficult to be bought, as the stock will certainly face resistance as it approaches its 50 day moving 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.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $11.02 and resistance at $12.42. These levels will be closely monitored, as they provide great insight into the latest price dynamics.
If traders want to establish a position in Bank of America, given the resistance expected as the stock approaches its 50 day moving average, a trade might materialize as the stock manages to break this important technical level. After the breakout, the 50 day moving average could be used as support going forward. However, until the break materializes, buying the stock is basically a gamble with 50-50 chance.
- The Range Is Tightening in Bank of America
- Reference Points for Bank of America
- The Range Is Tightening in Bank of America
- Trading Idea: Is Bank of America Breaking Down?
- Worst Performing Dow Component: Bank of America
- Bank of America Broke Resistance
- TradersHuddle Mid-day Update: Dow Jones Higher Top Performers: BAC, BA, JPM
- TradersHuddle Dow's Update, In focus:HPQ, INTC, BAC, VZ, MCD
- Critical Alerts For Bank of America, Vertex Pharmaceuticals, Dish Network, American Capital, and Advanced Micro Devices Released By InvestorsObserver
- Trading Idea: Is Bank of America close to Support?
Related Partner Headlines
- Banks Cough Up $26.1 Billion in Mortgage Relief - TheStreet.com
- Bank of America, MBIA Death Match Hurts Both: Moody's - TheStreet.com
- Bank of America Will Cut to Hit Earnings: Analyst - TheStreet.com
- Why the U.S. Stinks at Mobile Payments: Street Whispers - TheStreet.com
- Big Bank Break-Ups Need to Wait: Dudley - TheStreet.com
- Bank of America and Berkowitz Follow Different Scripts: Street Whispers - TheStreet.com
- New York Community Bank Opens Faster Than Giants After Sandy - TheStreet.com
- Mortgage Delinquencies, Foreclosures Begin to Drop - TheStreet.com
- Dow Today: Bank Of America Corporation (BAC) Leads The Day Higher, Wal-Mart Stores (WMT) Lags - TheStreet.com
- Diamond Foods Valuation Under Pressure - TheStreet.com
Latest Partner Headlines
Dow Today: Verizon Communications (VZ) Higher - TheStreet.com
Separating the Bargains From the Busts - TheStreet.com
Cramer Quick Take: The 60-Inch TV Will Be Key This Holiday - TheStreet.com
Cramer Quick Take: Cisco Wins If Fiscal Cliff Is Resolved - TheStreet.com
Gap Up and Sit - TheStreet.com
Apple, Intel, MicroStrategy: Tech Winners & Losers - TheStreet.com
Windows 8 PC Sales Disappointing: Report - TheStreet.com
Cramer Quick Take: Buy Home Depot and Lowe's - TheStreet.com
Dow JonesCompany ID [INDEXDJX:.DJI] Last trade:15,112.19 Trade time:4:52PM EDT Value change:▼206.04 (-1.35%)
S&P 500Company ID [INDEXSP:.INX] Last trade:1,628.93 Trade time:4:52PM EDT Value change:▼22.88 (-1.39%)
NASDAQCompany ID [INDEXNASDAQ:.IXIC] Last trade:3,443.20 Trade time:5:15PM EDT Value change:0.00 (0.00%)
In The Wires
The Former Breezes Resort is Re-Opened by Blue Diamond Resorts as the Original Grand Lido Negril Announced Go Classy Tours
Zac Brown Band Tickets for Raleigh, Columbia, Darien Center, Gilford, Minneapolis, Holmdel, Pittsburgh, Camden, Atlanta, Boston, Bethel, Toronto & Hartford Now Available
Jake's Fireworks Announces Opening Of New SuperStore - Auburn Hills, Michigan
The Hidden Cost of Unemployment
Ibrutinib Phase 2 Study Results in Patients with Mantle Cell Lymphoma Published in The New England Journal of Medicine
LG, Qualcomm Expand Successful Collaboration With Next G Series Smartphone
Kotel Finance & Services Are Announcing on New Services
Fun Depot Partners with Brookstone Lodge on Summer Packages