Dow Jones Bears Of the Day: Bank of America, Hewlett Packard and Walt Disney

Bearish sentiments dominated the stock markets on Monday as the Dow Jones Industrial Average plunged 2.11 percent or 248.85 points to 11,547.31. Standard & Poor’s 500 index fell 1.86 percent or 22.67 points to 1,192.98 while NASDAQ Composite dropped to 2,523.14 for the day.

Bank of America Corp (NYSE:BAC) reported the highest decline among Dow Jones components on Monday and fell 5.02 percent to $5.49 with traded volume of 269.33 million shares. The share price moved 14.65 percent below its 50-days simple moving average after yesterday’s decline. The share price is trading at relative strength index of 36.62 which shows that the stock is trading near its oversold level and has considerable margin for capital gains.

Hewlett-Packard Company (NYSE:HPQ) fell 4.04 percent to close at $26.86 in yesterday’s trading session. The share price traded with volume of 34.48 million shares as compared to its average traded volume figure of 25.30 million shares per day. The share price was still 6.76 percent above its 50-days simple moving average despite yesterday’s heavy decline.

The Walt Disney Company (NYSE:DIS) declined 3.65 percent to close at $34.33 with traded volume figure of 39.96 million shares. The share price on average trades with volume figure of 13.41 million shares per day. Yesterday’s fall seemed to be backed by strong volume figure if its compared with the share price average volume. The share price is trading at relative strength index of 49.43 depicting its considerable margin for upward movement.

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Rehan Khan

About Rehan Khan

Rehan Khan has been involved in the financial sector for last 6 years. During that time he has been associated with many financial institutions, banks and brokerages. Rehan is also a graduate in finance and has been writing for last 2 years for various web publications, specializing in US stock markets, penny stocks, forex and commodities.

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