FITB falls to lowest close since September 15, 2017
Fifth Third Bancorp (FITB) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, FITB ended the week -5.06% lower at 26.84 after losing $0.39 (-1.43%) today on high volume, significantly underperforming the S&P 500 (1.42%). Today's close at 26.84 marks the lowest recorded closing price since September 15, 2017. Closing below Thursday's low at 27.11, the share confirmed its breakout through the previous session low after trading up to $0.79 below it intraday.
Daily Candlestick Chart (FITB as at Oct 12, 2018):
Friday's trading range has been $1.50 (5.44%), that's far above the last trading month's daily average range of $0.65. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for FITB.
Unable to break through the key technical resistance level at 27.63 (R1), the market closed below it after spiking up to 27.82 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. When prices bounced off a significant resistance level the last time on October 5th, FITB actually gained 1.41% on the following trading day.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back up towards the center of the Bollinger Bands at 28.44.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) below 30" stand out. Its common bullish interpretation has been confirmed for Fifth Third. Out of 29 times, FITB closed higher 68.97% of the time on the next trading day after the market condition occurred.