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4 Hot Stocks to Trade (or Not)

Bank of America

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Nearest Resistance: $8.20

Nearest Support: $7.55

Catalyst: Technical Support Bounce

>>8 Post-Downgrade Bank Stock Bargains

Bank of America (BAC - Get Report), is a perennial super-active stock, but it's seeing special attention today in part because of a test of technical support at $7.55. BofA has been consolidating for the past two weeks, bouncing almost perfectly between that support level at $7.55 and resistance at $8.20. A breakdown below $7.55 would derail the uptrend that shares had been in since BAC's swing low at the end of May.

I'd recommend shorting if that breakdown happens. It's a signal that BAC can't catch a bid at a level that previously held a glut of buying pressure.

For another take on Bank of America, it was also featured today in " 6 Hated Stocks to Stay Away From."

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