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Investors Bancorp(ISBC - Get Report), a New Jersey charted savings bank, is in the business of attracting deposits from the public through its branch network and borrowing funds in the wholesale markets to originate loans and to invest in securities. This stock is trading up 4.4% at $16.84 in recent trading.
Today's Volume: 394,000
Average Volume: 165,153
Volume % Change: 501%
Shares of ISBC are ripping to the upside today after Barron's highlighted the stock in a report over the weekend, calling it a well-run, well-capitalized and growing bank selling at a discount price.
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From a technical perspective, ISBC is gapping up strong here with heavy volume, and it's breaking out above some near-term overhead resistance at $16.50. This move has now pushed ISBC into new 52-week high territory, which is bullish price action.
Traders should now look for long-biased trades as long as ISBC is trending above that key breakout level of $16.50 with strong upside volume flows. I would consider any upside volume day that registers near or above 165,153 shares as bullish. If we continue to see ISBC hold that trend, then this stock has a great chance of tagging $20 in the near future.
On the flipside, if ISBC moves back below $16.50 with heavy volume, then it will likely fill today's gap and head lower.