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
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