HBAN finds buyers at key support level
Huntington Bancshares (HBAN) Technical Analysis Report for Apr 16, 2018
HBAN ended Monday at 14.67 edging higher $0.01 (0.07%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Monday's trading range was $0.26 (1.76%), that's below last trading month's daily average range of $0.40. 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 14.54 during the day, the market bounced off the key support level at 14.63. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 14.87.
The stock 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 14.39, downside momentum might speed up should the share break out to new lows for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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