Popular, Inc., a financial holding company, provides a range of
retail and commercial banking products and services primarily to
institutional and retail customers in Puerto Rico and the Mainland
United States. It offers various deposit products. Popular, Inc. also
provides commercial and industrial, as well as commercial real estate
loans; construction loans; lease financings comprising automobile
loans/leases; residential mortgage and construction loans; consumer
loans, including personal loans, credit cards, home equity lines of
credit, and other loans to individual borrowers. In addition, the
company offers financial advisory, investment banking, investment and
securities brokerage, and insurance and reinsurance agency services. As
of December 31, 2012, it owned and occupied approximately 63 branch
premises and other facilities in Puerto Rico; and 97 offices comprising
17 owned and 80 leased in New York, Illinois, New Jersey, California,
and Florida. Popular, Inc. was founded in 1917 and is headquartered in
Hato Rey, Puerto Rico.
To review Popular's stock, please take a look at the 1-year chart of BPOP (Popular, Inc) below with my added notations:
BPOP has been on a nice, steady uptrend since against, but has since
paused in a sideways trading range. For the last (3) months the stock
has been stuck within a common pattern known as a rectangle. Rectangle
patterns form when a stock gets stuck bouncing between a horizontal
support and resistance. A minimum of (2) successful tests of the support
and (2) successful tests of the resistance will give you the pattern.
BPOP's rectangle pattern has formed a $30 resistance (red) and a $27
support (blue). A break above $30 would also be a new 52-week high.
The Tale of the Tape: BPOP has formed a rectangle
pattern. The possible long positions on the stock would be either on a
pullback to $27, or on a breakout above $30. The ideal short opportunity
would be on a break below $27.
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