FITB closes higher for the 3rd day in a row


Fifth Third Bancorp (FITB) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

FITB dominated by bulls lifting the market higher throughout the day
FITB closes higher for the 3rd day in a row
FITB pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, FITB finished Thursday at 17.32 gaining $2.50 (16.87%), notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 15.54, Fifth Third confirmed its breakout through the prior session high after trading up to $1.98 above it intraday.

Daily Candlestick Chart (FITB as at Mar 26, 2020):

Daily technical analysis candlestick chart for Fifth Third Bancorp (FITB) as at Mar 26, 2020

Thursday's trading range has been $2.81 (18.67%), that's far above the last trading month's daily average range of $1.68. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for FITB.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, FITB gained 2.85% on the following trading day.

Prices are trading close to the key technical resistance level at 18.03 (R1).

Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Fifth Third. Out of 163 times, FITB closed higher 52.76% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after seven trading days, showing a win rate of 52.76% with an average market move of 0.05%.


Market Conditions for FITB as at Mar 26, 2020

Loading Market Conditions for FITB (Fifth Third Bancorp)...
Latest Report:

FITB finds buyers again around 15.97

Apr 08, 2020
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