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Trade Alert: HFBC bottom forming?

|Includes:HopFed Bancorp, Inc. (HFBC)
HFBC, technical analysis, decline, bearish, bullish, hedgefundlive, beaten up stock, investment

HFBC daily chart showing bullish candle 5-18-11

 HedgeFundLIVE.com — HFBC has been tearing to the downside since the beginning of May, losing over 10%. Today, relative volume was 5x the normal level and the daily candle is very bullish.

HopFed Bancorp, Inc. (HFBC) operates as the holding company for Heritage Bank that provides various banking products and services primarily in western Kentucky, and middle and western Tennessee.

The company is in the process of working through a difficult balance sheet, left over from the last few years. Overall, the CEO has stated that the company is alive and well and will continue to improve.

The price action has broken most technical levels on its decline, but investors may look to buy back in here. Pay attention over the next couple days to see if a clear direction is established.

 

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Stocks: HFBC