Hot Stocks To Watch Tuesday: Bank Of America Corporation And JP Morgan Chase

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Hot Stocks To Watch Tuesday: Bank Of America Corporation And JP Morgan Chase

By Antonio Costa on April 13, 2009 | More Posts By Antonio Costa | Author's Website

Chart courtesy of www.stockcharts.com ( click to enlarge )

Bank of America (BAC) has proven its bullishness. It has been moving with large volume over the past two sessions breaking several resistance lines. This definitely is a very bullish sign for this stock. There is currently no area pattern for this stock. Current resistance is at 1$12.50. Technically, MACD is above signal line which is a bullish sign but RSI is now overbought. As of current the stock is now overbought, expect side to downward movement in the stock for the coming days. MACD may test the center line as support, if it is able to stay above the centerline despite the downward move this is another sign of strength for stock.

Chart courtesy of www.stockcharts.com ( click to enlarge )

JP Morgan (JPM) closed above its 200-day moving average for the first time since November 2008. The stock had a very good bullish rally last week accompanied with large volume. A gap was formed also with good volume. Watch out for further gaps happening in this stock. Investors may remain invested with a stop-loss at 27.44 (on closing basis). Technical daily chart shows bullish sign with K line on top of D line and MACD on top of signal line.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.

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