HBAN declines to lowest close since August 1st
Huntington Bancshares (HBAN) Technical Analysis Report for Sep 14, 2018
Moving lower for the 3rd day in a row, HBAN finished the week -3.63% lower at 15.66 after losing $0.11 (-0.7%) today on high volume. Today's closing price of 15.66 marks the lowest close since August 1st. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.
Friday's trading range was $0.14 (0.9%), that's below last trading month's daily average range of $0.21. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly below average.
After having been unable to move lower than 15.62 in the prior session, the stock found buyers again around the same price level today at 15.60. After spiking up to 15.74 during the day, the market found resistance at the 50-day moving average at 15.70.
Though the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. Huntington Bancshares broke below the 50-day moving average at 15.70 today for the first time since July 25th.
Further selling could move prices lower should the market test August's nearby low at 15.36.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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