FITB finds buyers at key support level
Fifth Third Bancorp (FITB) Technical Analysis Report for Sep 14, 2018
FITB finished the week -1.59% lower at 29.02 after gaining $0.25 (0.87%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Friday's trading range was $0.54 (1.84%), that's far above last trading month's daily average range of $0.38. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
After trading as low as 28.83 during the day, the stock bounced off the key support level at 28.89. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 29.14.
Fifth Third shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Selling could speed up should prices move below the close-by swing low at 28.70 where further sell stops might get activated. With prices trading close to this year's low at 28.29, downside momentum could accelerate should the share break out to new lows for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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