FITB runs into sellers around 22.54 for the third day in a row
Fifth Third Bancorp (FITB) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
FITB finished Wednesday at 22.04 gaining $0.17 (0.78%) on high volume, significantly outperforming the S&P 500 (-0.46%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (FITB as at Sep 16, 2020):
Wednesday's trading range has been $0.74 (3.36%), that's slightly above the last trading month's daily average range of $0.68. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FITB.
Three candlestick patterns are matching today's price action, the Gravestone Doji and the Northern Doji which are both known as bearish patterns and one neutral pattern, the Doji. The last time a Doji showed up on August 19th, FITB lost -1.88% on the following trading day.
Prices are trading close to the key technical support level at 21.78 (S1). The stock ran into sellers again today around 22.54 for the third trading day in a row after having found sellers at 22.43 in the prior session and at 22.41 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous two Highs" stand out. Its common bearish interpretation has been confirmed for Fifth Third. Out of 135 times, FITB closed lower 57.78% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after six trading days, showing a win rate of 47.41% with an average market move of 0.26%.