4 Hot Stocks to Trade (or Not)
Bank of America
Nearest Resistance: $8.20
Nearest Support: $7.55
Catalyst: Technical Support Bounce >>8 Post-Downgrade Bank Stock Bargains Bank of America (BAC), 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."Select the service that is right for you!
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