Against the tide: BBCN Bancorp Inc.
BBCN Bancorp Inc. (NASDAQ:BBCN) continues to resolve the symmetrical triangle breakout that started during the previous trading session on Friday. BBCN has been in an uptrend since December rallying with other financial peers. The 52 week high set in March started a three month consolidation that now appears to be resolving to the upside. A symmetric triangle taking place in an up trending stock like BBCN is viewed as a bullish continuation pattern by technical traders. BBCN was last at $13.49 on a volume of 318,499. Average daily volume has been at 303,412, putting BBCN on track for double the average volume today, aiding to confirm the breakout.Banks are trading down with the rest of the market today, however shares are relatively stronger than the broader market with a median loss of only -.57% where as the broader market is seeing a sell off of about three times that magnitude. BBCN is the strongest of the banks today trading up 1.43% here shortly after the noon hour.
Coal again is the laggard today with the average coal industry share down 6.41%.
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BBCN Bancorp Inc is a bank holding company, which offers commercial banking and, to a lesser extent, consumer financial services through its wholly owned subsidiary,BBCN Bank.
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