FITB pushes through Monday's high
Fifth Third Bancorp (FITB) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
FITB finished the month -0.57% lower at 19.28 after gaining $0.54 (2.88%) today, notably outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 19.15, the share confirmed its breakout through the prior session high after trading up to $0.31 above it intraday.
Daily Candlestick Chart (FITB as at Jun 30, 2020):
Tuesday's trading range has been $0.99 (5.35%), that's slightly below the last trading month's daily average range of $1.16. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FITB.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Regardless of a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close back above the 50-day moving average at 19.24. After having been unable to move lower than 18.48 in the prior session, Fifth Third found buyers again around the same price level today at 18.47. The last time this happened on June 25th, FITB actually lost -8.49% on the following trading day.
FITB shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for Fifth Third. Out of 83 times, FITB closed higher 54.22% 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 10 trading days, showing a win rate of 59.04% with an average market move of 0.59%.