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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Fifth Third Bancorp (NASDAQ:FITB) based on the price action in the company's shares. Today's price range of $20.43 and $20.58 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. Traders and investors interested in shares of Fifth Third Bancorp 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 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 Bancorp (NASDAQ:FITB) has potential upside of 7.4% based on a current price of $20.48 and analysts' consensus price target of $21.99. Fifth Third Bancorp shares have support at the 200-day moving average (MA) of $18.59 and additional support at the 50-day MA of $17.20.

Over the past year, Fifth Third Bancorp has traded in a range of $13.84 to $21.93 and is now at $20.48, 48% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.2%.

SmarTrend recommended that subscribers consider buying shares of Fifth Third Bancorp on July 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.94. Since that recommendation, shares of Fifth Third Bancorp have risen 7.7%. We continue to monitor FITB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle fifth third bancorp

Ticker(s): FITB