FITB breaks below prior session low


Fifth Third Bancorp (FITB) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
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
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
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 chart for FITB
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Fifth Third Bancorp
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

FITB finds buyers at key support level

Aug 16, 2018
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