Bank of America
Nearest Resistance: $17.25
Nearest Support: $16.75
Catalyst: Q4 Earnings Hangover
Even though 2014 has kicked off to a slow start for most stocks, Bank of America (BAC) is enjoying some impressive momentum year-to-date; shares are up 9.5% since the calendar flipped over to January. Shares popped yesterday on bullish fourth-quarter earnings news; the firm earned 29 cents per share, a full cent better than analysts were expecting. So even though shares are experiencing a 0.7% hangover as I write this afternoon, things still look very strong in BAC.
That's even more true when it comes to BofA's technicals. Shares of the big bank are in an indisputable uptrend right now, shoving their way to new highs in yesterday's session. While shares are correcting now, support is stronger at $16.75 than BAC's price ceiling is at $17.25. Buy the dips.