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Stock Investors Bid Up Shares of Bank of America, Up 1.8%

Published on Tue, 02/12/2013 - 11:21
By Peter Chu

Bank of America (NYSE:BAC), a company whose shares are moving quickly, is trading 1.8% higher to $12.07. The Dow Jones Industrial Average is now trading fractionally higher to 13,994 and the S&P is trading fractionally higher to 1,518.

Potential upside of 1.9% exists for Bank of America, based on a current level of $12.07 and analysts' average consensus price target of $12.31. The stock should discover initial support at its 50-day moving average (MA) of $11.27 and subsequent support at its 200-day MA of $9.02.

In the past 52 weeks, shares of Bank of America have traded between a low of $6.72 and a high of $12.20 and are now at $12.07, which is 80% above that low price. The 200-day and 50-day moving averages have moved 0.60% higher and 1.11% higher over the past week, respectively.

Bank of America Corporation accepts deposits and 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.

By Peter Chu
pchu@fnno.com