BofA Trading Up Nearly 4 percent

Bank of America (BAC) is currently up more than 3.50%, printing the tape at a nhod of $12.47. Nearly 206 million BAC shares have already traded hands compared to a daily average of around 204.9 million.

Technically speaking, BAC had a strong performance during the Feb – April period. However, since rallying to a fresh annual acme of $19.86 (April 15, 2010), the equity’s ability to print new highs seems to have stopped. The ticker is currently attempting to establish a floorboard in the $11.00 area.

BAC has been in a free fall over the past year losing nearly half of its value. However, in just the last 5 days, the banking giant’s stock has jumped more than 6%. There’s probably a reversal brewing here as major pullbacks, particularly on fundamentally strong co.’s such as BofA, almost always generate interest.

Banc of America currently has a market cap of $126 billion.

Disclosure: No Position

About Ron Haruni 1044 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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