FITB ends the day indecisive
FITB ended Monday at 31.49 edging higher $0.08 (0.25%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $0.50 (1.58%), that's below last trading month's daily average range of $0.85. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
After trading as low as 31.21 during the day, the stock bounced off the key support level at 31.35. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 31.30 in the previous session, the share found buyers again around the same price level today at 31.21.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
With prices trading close to this year's low at 30.03, downside momentum might speed up should FITB break out to new lows for the year. As prices are trading close to April's high at 32.62, upside momentum could accelerate should the stock mark new highs for the month. Trading close to February's low at 30.37 we might see further downside momentum if potential sell stops at the level get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
Market Conditions for Fifth Third Bancorp
|Close to Swing Low||TQ Pro Members Only|
|Bullish Harami Candle||TQ Pro Members Only|
|Bullish Spinning Top||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
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