Hanmi Financial Corp may do a continuation breakout soon

HAFC has recently broken out north out of a quite large ascending triangle formation and has done so with a wide price spread and heavy volume, confirming it.  The volume was slightly less than the highest volume swing in the previous range and so that is somewhat of a concern.  However at least for now price has shown little desire to pull back under the new support area.

Hanmi Financial Corp is a regional California bank group and is due for earnings on April 29, 2010.  Anything could happen here but the chart does seem to be saying that another small run may be in the future assuming financials sector stays strong.

It has one of the better cleaner looking ascending triangles I have seen in while.

hafc20100420

And HAFC came up in one of my stock software scans that scans 7000 stocks for price and volume breakouts.  I was actually quite surprised to see HAFC come up in my scan yesterday because this is the type of stock that you would probably never otherwise find as it has a very small following.

Posted in Online Trading, Stock Setups, Technical Analysis
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