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5 Breakout Stocks to Buy on This Bounce

Bank of America

Banking giant Bank of America (BAC - Get Report) is making technical moves of its own right now. Shares are up big in early trading after rallying more than 7.6% in yesterday's trading session - and higher ground could be a regular occurrence in the near-term for shareholders of this controversial stock. Here's why...

Bank of America had been forming a short-term double-bottom pattern for the past couple of weeks, indicating that the downtrend shares have been in since March is reversing. Wednesday's massive white candle shoved BofA's price up above the breakout level for the pattern, giving traders a buy signal for shares this morning.

RSI is confirming the upside move again in BAC; the momentum indicator's downtrend broke a couple of weeks ago, starting on an uptrend as the double-bottom formed in price action. If you decide to go long Bank of America here, I'd recommend keeping a protective stop below the pattern at $6.80.

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