5 Big Stocks to Trade for Gains
Bank of America
Bank of America (BAC) has been the bank everyone loves to hate for the past few years. But it's hard to hate the performance this firm has been turning out lately. In the last six months, shares have climbed 25%, and zooming in closer, they've jumped almost 70% over a three-month time span. Clearly, there's something going on in shares right now.
Much of BAC's three-month rally came on the heels of a double-bottom pattern that triggered right at the start of 2012. From there, this stock has been consolidating in a channel, trading sideways as investors make up their minds about what to do next with BofA.
Apparently, the answer was buy -- shares of Bank of America broke out again above that resistance level on Tuesday, and confirmed the price break yesterday. That put BAC in rally mode and sent a "buy" signal to traders.
Momentum, measured by 14-day RSI, remains in an uptrend right now. Since momentum is a leading indicator of price, that's a good sign for BAC longs in March. Even though this stock has made some big moves in the last week, it's still a buyable name. Bank of America shows up on recent lists of 8 Stocks That Turned Losers Into Leaders and 5 Bank Stocks Facing the Biggest Legal Risks. Follow @stockpickrSelect the service that is right for you!
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