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2 Hot Stocks to Trade (or Not)

Bank of America

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Nearest Resistance: $10

Nearest Support: $8.25

Catalyst: Technical Setup

Bank of America (BAC - Get Report) is one of those names that's perennially one of the most heavily-traded stocks on the market. But today, shares have an extra catalyst that's driving price action -- and investors should be paying attention.

>>5 Financial Stocks Hedge Funds Love

Right now, BAC is making a double bottom, a technical reversal pattern that's formed by two swing lows that occur around the same price level. The buy signal comes when BAC breaks out above the peak separating those two troughs -- and BofA managed to push above that $8.25 level for the past three days.

Shares have since been consolidating right around that level, making BAC a buyable name. With shares well below the next glut of selling pressure at $10, traders should have a lot more room to run in the next month.

Bank of America, one of Bruce Berkowitz's holdings, shows up on a recent list of 10 Bank Stock Value Picks.

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