FITB breaks below prior session low


Fifth Third Bancorp (FITB) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team

Highlights

FITB breaks below 20-day moving average
FITB unable to break through key resistance level
FITB closes lower for the 2nd day in a row
FITB breaks below previous session low
FITB falls to lowest close since July 25th

Overview

Moving lower for the 2nd day in a row, FITB finished the week -1.25% lower at 29.34 after losing $0.18 (-0.61%) today. Today's closing price of 29.34 marks the lowest close since July 25th. Closing below Thursday's low at 29.48, the market confirms its breakout through the prior session's low having traded $0.42 below it intraday.

Daily Candlestick Chart (FITB as at Aug 10, 2018):

Daily technical analysis candlestick chart for Fifth Third Bancorp (FITB) as at Aug 10, 2018

Friday's trading range was $0.36 (1.23%), that's below last trading month's daily average range of $0.56. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Unable to break through the key technical resistance level at 29.36, the share closed below it after spiking as high as 29.42 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. Fifth Third broke below the 20-day moving average at 29.48 today for the first time since July 19th.

With prices trading close to this year's low at 28.29, downside momentum might speed up should the stock break out to new lows for the year.


Market Conditions for FITB as at Aug 10, 2018

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