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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish 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 $29.12 and $29.30 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. Traders and investors interested in shares of Fifth Third Banc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Fifth Third Banc have traded between a low of $24.17 and a high of $31.64 and closed yesterday at $29.35, which is 21% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.3%.

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 has overhead space with shares priced $29.35, or 16.5% below the average consensus analyst price target of $35.17. Fifth Third Banc shares should encounter resistance at the 50-day moving average (MA) of $30.29 and support at its 200-day MA of $28.17.

SmarTrend is monitoring the recent change of momentum in Fifth Third Banc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Fifth Third Banc in search of a potential trend change.

Keywords: bullish am inside day candle fifth third banc

Ticker(s): FITB