Bank Of America Finally Breaks Out

Bank of America Corp BAC shares are trading higher by $0.46 (2.2 percent) at $23.86 in Tuesday's session. The bank behemoth may have finally broken out of its long consolidation phase.

Following its post-election rally from the $17.00 area, the rally stalled at the $23.50 area. In fact, until today the issue had been in a trading range from $21.95 to $23.55 since December 7. During that time period, the issue made multiple highs in the $23.50 area.

After ending Monday's session at $23.40, the issue didn't have far to travel to clear the former high for the move at $23.55 and embark on its ascent to $24.00. At this time, the current high stands at $23.97.

Bank of American hasn't traded in the $24.00 handle since November 2008, when it peaked at $24.62 that month and would bottom out three months later at $2.52 during the financial crisis.