Did you enjoy the returns the US stock market brought in Jan 2024?
The 2.2% rise in the S&P 500 lifted many stocks into uncharted territories.
And the start of Feb 2024 is just as strong!
Cumulatively, the S&P 500 had risen 4.7% year-to-date.
Do you want to know how our #PowerStocks picks in Jan 2024 performed?
- CrowdStrike (CRWD): Gain of ~22%
- Pinterest (PINS): Gain of ~8%
- Public Storage (PSA): No entry
- US Foods (USFD): Gain of ~5%
- Corebridge Financial (CRBG): Just triggered
Will Feb be another fantastic month?
Maybe!
Before I proceed to share about this week’s stock pick, let’s review last week’s stock pick: Palo Alto Networks (PANW).
Review Of Last Week’s Pick Of The Week
Palo Alto Networks’ share price remains above its immediate support area ~$315.
Whatever that goes up must come down.
Hence, I think it’d be wise to wait for its share price to fall to around $315 (as explained in my YouTube video) before considering entering a swing trade.
You may consider applying the Art of Explosive Profits strategy when this happens.
With that, why is Bank of America (BAC) our #PowerStocks pick of the week?
Why Is Swing Trading Bank of America (BAC) Worth It?
Source: bankofamerica.com
Bank of America (BAC), this week’s #PowerStocks pick, is one of the world’s largest and leading financial institutions. It provides a full suite of banking, investing, asset management, and other financial solutions.
Given its dominance in the financials sector, its share price has been rising fast.
Bank of America’s shares have also proven explosive, bringing traders outsized returns between 4.1% and 16% in a short period of time.
In addition, its share price is near its support zone of ~$33, signaling that the time for a swing trade could be near.
Let’s analyze this stock deeper.
P.S.: What if I told you that you could drastically gain control over your emotions of fear and greed, and master the stock market in a short period of time?
My team and I have worked tirelessly to help you achieve results fast.
Click on the banner below to claim your stock course for free (limited time) now!
Performance Of US Stock Market vs Bank of America (BAC)
Because the S&P 500 is the benchmark for stock performance, you should judge your trading results against it.
From the comparison chart above, can you tell that Bank of America’s shares are in an uptrend and have been performing better than the S&P 500 since mid-Nov 23?
Why is this important?
You’ll want to swing trade stocks that have the ability to bring you outsized returns.
Furthermore, a trending stock will likely continue in the same direction until there’s a major catalyst.
Therefore, you’ll want to analyze this stock further.
How Explosive Is Bank of America (BAC)?
Having the right expectations is healthy.
How explosive have the shares of Bank of America been?
In just 10 short months, its share price has exploded 13 times!
With a mammoth market capitalization of $264b, its up moves measuring between 4.1% and 16% are mind-blowing.
You’re eager to buy its shares for a swing trade.
But should you do so now?
Key Price Levels
To help you decide whether you should buy the shares of Bank of America for a swing trade now, let’s uncover its key price levels.
These key price levels are also known as support and resistance zones, where prices will likely turn.
Can you spot a support area ~$33?
There’s a good chance its share price will drop slightly below $33 before rocketing upwards.
So, that’s where you’ll want to wait patiently for a swing trade.
Finally, this is for educational purposes. Please perform your due diligence.
All images are taken from pexels.com, pixabay.com, sectorspdrs.com, tradingview.com, and unsplash.com, unless otherwise mentioned.
Claim Your Free (Limited Time) Stock Course Right Now:
The stock market is full of traps laid out by professional traders.
Many new traders are often left confused by conflicting signs and signals.
Worse still, ~80% of traders lose money.
This is because trading isn’t just about skill alone.
It includes the mastery of your emotions.
But what if I told you that you could quickly gain control over your emotions of fear and greed and master the stock market?
My team and I have worked tirelessly to help you achieve results fast.
Click on the banner below to claim your stock course for free (limited time) now!
