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Bank of America (BAC) - Get Free Report surged over 5.3% on Wednesday with the help of a big post-Fed volume surge. The stock was slightly higher heading into the final two hours of trade before exploding to the upside following the Fed's hint of a rate hike in December. Bank of America ended Wednesday's session well above its 200-day moving average and within pennies of erasing the entire August flush.

This high-momentum  move signals more upside in the near term. Through year-end, investors should consider any pullback a buying opportunity.

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Following Wednesday's breakout, the $14.50 area, which includes the 2014 and August/September 2015 lows, as a major bottom. Bank of America is now up more than 18% from this level and has left behind layers of support in the process. In the near term, the pattern is very bullish, but there are a few significant hurdles in the way. As the stock begins to enter overbought territory while retesting the yearly highs, a consolidation pattern is likely. When Bank of America enters this healthy phase, investors should be prepared to put money to work.

Just above yesterday's peak is an ugly breakdown gap left behind as the August flush got underway. The gap at $17.44 may present a few problems, but eventually Bank of America has a good shot at reaching a major level near its 2014/2015 highs. This zone between $18.20 and $18.50 will offer heavy resistance.

Before the yearly highs are tested, investors should focus on the September highs as a key support area. Just below the $16.50 level is BAC's 200-day moving average at $16.40. A drift back down to this area would offer a very low-risk entry opportunity for patient investors.

For another take on Bank of America, check out "Why Bank of America Is a Must-Own Stock Despite Its 2015 Roller-Coaster Ride."

Disclosure: This article is commentary by an independent contributor. At the time of publication, the author was long BAC.