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Possible Bearish Inside Day Candle Pattern Detected for Fifth Third Banc (NASDAQ:FITB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fifth Third Banc (NASDAQ:FITB) based on the price action in the company's shares. Today's price range of $27.45 and $27.58 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Fifth Third Banc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Fifth Third Banc share prices have moved between a 52-week high of $34.67 and a 52-week low of $22.12 and are now trading 25% above that low price at $27.58 per share. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.2%.

There is potential upside of 27.5% for shares of Fifth Third Banc based on a current price of $27.58 and an average consensus analyst price target of $35.17. The stock should find initial support at its 200-day moving average (MA) of $27.43 and further support at its 50-day MA of $26.87.

Fifth Third Bancorp is a diversified financial services company that operates banking centers in the Midwestern and Southeastern regions of the United States. The Company's principal businesses include retail banking, commercial banking, investment advisory, and data processing.

SmarTrend is tracking the current trend status for Fifth Third Banc and will alert subscribers who have FITB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle fifth third banc

Ticker(s): FITB