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Bank Of America Refuses To Retreat For Now

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Bank Of America Corp (NYSE: BAC) shares are trading higher by $0.13 at $22.74 in Wednesday's session. The issue, which reached an eight-year on Monday at $23.25, has backed off that high, but continues to be resilient after brief intra-day selloffs.

After a lower open, it found support just under Tuesday's low ($22.29) at $22.21 and began to rebound. So far, the ensuing rally has taken the issue to just past its closing price from Monday and Tuesday ($22.61) to $22.78.

If the rally continues, there may be additional resistance at Tuesday's high of $22.88. The highest close for the recent rally was made on December 9 at $23.09.

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