• Return to Headlines

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. Yesterday's price range of $27.65 and $27.87 is within the prior day'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.

There is potential upside of 26.8% for shares of Fifth Third Banc based on a current price of $27.74 and an average consensus analyst price target of $35.17. The stock should hit resistance at its 200-day moving average (MA) of $28.31, as well as support at its 50-day MA of $25.62.

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.

Fifth Third Banc share prices have moved between a 52-week high of $34.67 and a 52-week low of $22.12 and closed yesterday at 25% above that low price at $27.74 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has slid 0.3%.

SmarTrend recommended that subscribers consider buying shares of Fifth Third Banc on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.68. Since that recommendation, shares of Fifth Third Banc have risen 13.2%. We continue to monitor FITB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle fifth third banc

Ticker(s): FITB