FITB breaks below prior session low
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.
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.
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
|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|
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