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

By Amy Schwartz

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 $29.26 and $29.39 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.

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.

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 $29.64, which is 23% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Fifth Third Banc (NASDAQ:FITB) has potential upside of 18.6% based on a current price of $29.64 and analysts' consensus price target of $35.17. Fifth Third Banc shares should encounter resistance at the 50-day moving average (MA) of $29.95 and support at its 200-day MA of $28.34.

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: bullish am inside day candle fifth third banc

Ticker(s): FITB