Fifth Third Bancorp Rises 2.77% on Heavy Volume: Watch For Potential Pullback
Fifth Third Bancorp (NASDAQ:FITB) traded in a range yesterday that spanned from a low of $19.87 to a high of $20.44. Yesterday, the shares gained 2.8%, which took the trading range above the 3-day high of $20.16 on volume of 6.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Fifth Third Bancorp has traded in a range of $13.84 to $21.93 and is now at $20.39, 47% 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 4.9%. We continue to monitor FITB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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