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Next Support Level for Bank of America (BAC) is $12.61

Published on Thu, 03/21/2013 - 12:40
By Adrienne Chilton

Bank of America (NYSE:BAC) has opened bearishly below the pivot of $12.79 today and has reached the first level of support at $12.70. Should the shares continue to fall, the support pivots of $12.61 and $12.43 will be of interest.

In the past 52 weeks, shares of Bank of America have traded between a low of $6.72 and a high of $12.94 and are now at $12.76, which is 90% above that low price. The 200-day and 50-day moving averages have moved 0.85% higher and 0.32% higher over the past week, respectively.

Based on a current price of $12.76, Bank of America is currently 0.6% above its average consensus analyst price target of $12.69. The stock should find initial support at its 50-day moving average (MA) of $11.75 and further support at its 200-day MA of $9.58.

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 Adrienne Chilton
achilton@fnno.com