2 Hot Stocks to Trade (or Not)
Without further ado, here's a look at today's stocks.
Nearest Resistance: $10
Nearest Support: $8.25
Catalyst: Technical Setup
Bank of America (BAC) 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.
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.