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Bank of America (NYSE: BAC) traded above $50 a share in December 2006, but the international financial crisis drove the sector to extreme lows, and BAC fell to below $3 in March.
With the crisis abated and recent management changes to take effect at the end of this year, BAC has picked up positive research opinions from many analysts.
Technically the stock has made a solid advance along its bullish support line and the 50-day moving average.
A recent buy signal from our internal Collins-Bollinger Reversal (CBR) indicator, along with a Moving Average Convergence/Divergence (MACD) buy signal, could result in a breakout and a run to the technical target of $25.
S&P has a "strong buy" (five stars) recommendation on BAC.
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Reader Comments (Page 1 of 1)
10-10-2009 @ 4:08PM
Dan Barnett said...
But since BAC cut their dividend to 4 cents per year, you've really got to question whether the "pre-cut" figures are strictly relevant in a "post-cut" situation.